Top Biz News
AES closes stock sale to CIC
(Agencies)
Updated: 2010-03-17 15:04
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Global power company AES Corp said it raised $1.58 billion by selling a portion of the company to a subsidiary of China Investment Corp (CIC).
AES announced in November that it would raise the money by selling a 15 percent stake in the company. Late Monday, the company said that deal had closed.
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The AES deal also gives CIC a seat on the company's board of directors.
AES provides power in 29 countries, with more than two-thirds of its revenue generated outside the US.
CIC, with about $300 billion in assets, along with other state-controlled companies have been buying assets around the world, including oil and gas companies and stakes in financial companies.
