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Tuesday May 24, 08:41
Scottish Power divests of PacifiCorp unit on failed profit forecast
(by Julia Jenson)
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Scottish Power Plc, British energy provider has announced plans to divest of its utility unit PacifiCorp that operates in the U.S. Northwest. Scottish Power Plc will get rid of the largest utility provider in the region by selling it to Warren Buffett’s MidAmerican Energy Co. as the unit failed analysts’ expectations in terms of profit.
The purchase will lead to a charge of 927 million pounds ($1.7 billion) and involve another $4.3 billion of debt. Taken together, the purchase price amounts to $5.1 billion. Scottish Power, the fifth- largest energy provider in the UK, will return about $4.5 billion to its shareholders after the sale of PacifiCorp.
PacifiCorp. that is based in the state of Oregon was forced into a tight corner this year, having to cope with rising energy costs that pushed the cost of its purchases up.
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