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AES closes stock sale to CIC

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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CIC bought 125.5 million AES shares for $12.60 each. On Tuesday the shares rose 21 cents to $11.78 in morning trading.

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.