PSEG Global

(PEG) - Get Report

said Friday it will acquire roughly 94% of Chilean utility company

Sociedad Austral de Electricidad

(Saesa) and its subsidiaries from

Compania de Petroleos de Chile

(COPEC) for $460 million.

Saesa serves the southern Chile through its four distribution companies and one transmission company. Saesa also owns a 50% stake in

Empresa Electrica del Rio Negro

of Argentina. The companies collectively serve more than 615,000 customers.

PSEG, an public utility holding company based in Newark, N.J., also will purchase the 14% of

Empresa Electrica de la Frontera

(Frontel) not owned by Saesa directly from COPEC.

PSEG plans to make a tender offer for the remaining 6% of Saesa on the Santiago stock exchange.

The acquisition is subject to Argentine regulatory approval, which is expected to take several months.

Shares of PSEG fell $1.10, or 2.6%, to $41.35 in recent

New York Stock Exchange