US power generation and utility company AES Corp said today it had
entered into an agreement to sell its 49.62% stake in its Turkish joint venture
AES Entek Elektrik Uretimi AS to its local partners Koc Holding AS and Aygaz AS
for USD125m (EUR98.5m).
The deal is pending regulatory clearance and is
scheduled for completion in the first quarter of 2015 at the latest, the company
announced in a press release on Monday.
The stake to be sold represents
AES' entire interest in assets in Turkey. The interest includes natural gas and
hydroelectric facilities, as well as a stake in a coal-fired development
project.
AES president and CEO Andres Gluski commented that with the
completion of that transaction, the company will have exited a total of nine
countries, generating a total of UD2.4bn in asset sales over the past three
years. The move is in line with the company's strategy for simplifying its
portfolio and focusing on markets where it has competitive advantage