agreed to sell its
unit to a division of
for $195 million in cash.
Power company AES, which is based in Arlington, Va., will also have to pay for closing adjustments that currently total about $15 million. AES expects to close the deal, which is subject to a number of closing conditions including regulatory approval, during the third quarter.
Thermo Ecotek develops and operates gas-fired, biomass-fired and coal-fired power plants.
Shares of Thermo Electron, which is based in Waltham, Mass., rose 19 cents, or 0.6%, to $29.91 in recent
New York Stock Exchange
trading. AES gained 69 cents, or 1.2%, to $57.44 on the Big Board.
With the acquisition, AES will enter the Czech Republic and Germany. The company will also add five solid fuel-fired businesses in the U.S.
Thermo Electron has been consolidating its units and selling noncore operations for several months. In January Thermo Electron
in a $60 million cash deal, with an additional $5 million payment possible if certain performance targets for 2001 are met.