Edison Mission Energy sells stake in NZ utility
California-based Edison Mission Energy has completed the sale of its 51.2% stake in New Zealand-based Contact Energy to Origin Energy New Zealand. Origin paid NZ$1.1 billion ($739 million) in cash and assumed NZ$535 million ($359 million) in debt to take control of Universal Holdings, which controls the Contact stake.
This sale of Contact is part of EME’s previously announced plan to sell its entire portfolio of international energy assets in Europe, the Asia-Pacific region and Puerto Rico. EME agreed in August to sell the rest of the portfolio for $2.3
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