By Bernd Radowitz
Of DOW JONES NEWSWIRES
MADRID (Dow Jones)–Iberian utilities Iberdrola SA (IBE.MC) and Energias de Portugal SA (EDP.LB), or EDP, have signed agreements to sell stakes in various Guatemalan power companies to Colombian public utility Empresas Publicas de Medellin.
Iberdrola will earn a total of $326.5 million from the sale of a 49% stake in Distribuidora Electrica Centroamericana Dos SA, or DECAII, of 100% of Gestion de Empresas Electricas SA, or GESA, of 51% of Generadores Hidroelectricos SA, and of 3.12% in Hidronorte SA, the Spanish company said in a regulatory filing Friday.
Iberdrola added that coinciding with the signing of the deal, it has already received $308 million corresponding to the stake sales in DECAII and GESA. Iberdrola expects to complete the sale of the stakes in the other two Guatemalan companies toward year-end.
The Spanish company in a filing later Friday added that it expects a net gain of about EUR100 million as a result of the transactions.
In a regulatory filing late Thursday, EDP said it was paid $127 million by Empresas Publicas de Medellin for the sale of its 21% stake in DECAII. With the transaction, EDP had an after-tax capital gain of $50 million.