PacifiCorp said Monday that it has completed the sale of its subsidiary, Pacific Telecom Inc., to Century Telephone Enterprises Inc. for $1.5 billion in cash and assumption of Pacific Telecom's debt.
PacifiCorp, parent company of Utah Power, will use of the proceeds to repay short-term debt. The balance will be invested.The sale of PTI is expected to result in an after-tax fourth-quarter gain for PacifiCorp of approximately $370 million, or $1.25 per share.
"This sale is in conjunction with our effort to acquire The Energy Group and sharpens our focus on becoming a leading multinational energy supplier," said Fred Buckman, PacifiCorp's president and chief executive officer.