Mirant sale of Philippines business nets $3.22 billion

Mirant Corp., which produces and sells electricity, said Friday it completed the sale of its Philippine business to a consortium of The Tokyo Electric Power Co. and Marubeni Corp.

Net proceeds after transaction costs and the repayment of $642 million in debt were $3.22 billion.

Mirant said in April it might sell or merge the entire company or take other measures to boost the power provider's shareholder value.

Since then, it sold off six natural gas-fired power plants to Broadway Generating Co. for about $1.39 billion and said it will sell its Caribbean business to a subsidiary of Marubeni Corp. for about $730 million, excluding repayment of debt. [via]