PSEG Global Closes Sale of SAESA Group to Morgan Stanley Infrastructure and Ontario Teachers' Pension Plan

NEWARK, N.J., July 24 /PRNewswire-FirstCall/ -- PSEG Global today announced that it has closed the sale of the SAESA Group of Companies (SAESA Group) in southern Chile to a consortium formed by Morgan Stanley Infrastructure and the Ontario Teachers' Pension Plan. The transaction had a final equity sale value of approximately $887 million plus the assumption of more than $400 million of consolidated debt of the SAESA Group. PSEG's after tax proceeds are approximately $600 million. The sale generated an after-tax gain for PSEG of approximately $180 million during 2008, which will be reported in Discontinued Operations. The sale was originally announced on June 17, 2008. Credit Suisse acted as exclusive financial advisor to PSEG in connection with the transaction.

PSEG Global is a subsidiary of PSEG Energy Holdings and an indirect subsidiary of PSEG (NYSE: PEG). PSEG Global's primary investments currently include 100 percent ownership in two 1,000-mw electric generation plants in Texas, and partial ownership of a number of smaller generating plants in California, Hawaii and New Hampshire. PSEG Global's remaining international assets consist of small investments in electric generation plants in Italy, India and Venezuela.

PSEG is a diversified energy company based in Newark, New Jersey. Its other main subsidiaries include PSEG Power, a merchant generation company and PSE&G, an electric and gas distribution company in New Jersey.

SOURCE PSEG Global