Summary
Exelon Corporation announced on December 15, 2003, an agreement to sell its subsidiary, Exelon Thermal Technologies, to Macquarie Bank Limited for $135 million. This divestiture is anticipated to close in the first quarter of 2004 and is expected to result in an after-tax gain of approximately $20 million. The net cash proceeds from this sale are estimated to be around $75 million, which Exelon intends to allocate towards general corporate purposes. Notably, the company has stated that this transaction will not affect its previously disclosed operating earnings guidance for 2004. Investors should note the forward-looking nature of certain statements within this report and consult Exelon's SEC filings for a comprehensive understanding of associated risks and uncertainties.
Key Highlights
- 1Exelon to sell Exelon Thermal Technologies to Macquarie Bank Limited for $135 million.
- 2Transaction expected to close in Q1 2004.
- 3Anticipated after-tax gain of approximately $20 million from the sale.
- 4Estimated net cash proceeds of approximately $75 million.
- 5Net proceeds to be used for general corporate purposes.
- 6Sale will not impact 2004 operating earnings guidance.
- 7Report contains forward-looking statements subject to risks and uncertainties.