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AGL Energy Sells GasValpo for US$90m
Tuesday March 25, 2008, 9:48 am

Original Announcement: AGL sells GasValpo for $US 90 million

AGL Energy announced that it will sell its 100% owned Chilean gas distribution business (GasValpo) and associated assets and related (Chilean and non-Chilean) entities to a consortium of Australian superannuation funds for US$90m. Under the terms of sale, the purchasers will refinance GasValpo's net bank debt of US$26m. The remaining sale proceeds of US$64m, together with approx US$10m of cash from pre-completion dividends and payments of interest on intra-group loans, will be applied to reduce the Company's bank debt. The sale will be approx EPS neutral and will not cause any change to AGL's revised 2008 earnings guidance of $330-$360m. The Company expects the sale will result in a small post-tax profit. Completion is scheduled to occur on 30 April 2008.

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