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Morgan Stanley Infrastructure exits stake in Chile’s SAESA to AIMCo

8 Nov 2011

Morgan Stanley Infrastructure (MSI), has sold its 50 per cent interest in SAESA, a Chilean electricity distribution, transmission and generation company, to Alberta Investment Management Corporation (AIMCo), for an undisclosed amount.

Morgan Stanley Infrastructure Partners (MSIP), a $4bn global infrastructure fund, acquired SAESA in July 2008 alongside Ontario Teachers’ Pension Plan (Teachers’). Under the agreement, MSIP and Teachers’ each owned 50 percent of the company. Following the sale, Teachers’ will retain its 50 percent interest in SAESA.

SAESA is the second-largest electricity distributor in Chile and is the main provider in the southern regions of the country. The company serves 713,000 customers, operates over 53,500 kilometers of transmission and distribution lines, and owns and operates in excess of 190 megawatts of wind, hydro, diesel and gas electric-generating capacity. SAESA is comprised of four distribution companies, a sub-transmission business serving the grid associated with three of the distribution companies, a regulated generation business and an energy wholesaler.

“Our investment thesis for SAESA has been proven out, as we worked with the management team to implement operational changes and make additional investments that should allow SAESA to continue its strong growth,” said Sadek Wahba, global head of MSI and CIO of MSIP. “Ontario Teachers’ has been a great partner, and with AIMCo’s acquisition of our 50 percent interest, we believe SAESA is well positioned for future growth and continued success.”

Morgan Stanley Infrastructure is part of Morgan Stanley Investment Management and targets investments in infrastructure-related sectors such as transport, energy & utilities, communications, and social infrastructure.

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