GPU and Singapore Power International Reach Agreement on Sale of GPU PowerNet.Business Editors MORRISTOWN, N.J.--(BUSINESS WIRE)--June 20, 2000 GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. , Inc. (NYSE NYSE See: New York Stock Exchange : GPU) announced today that it has entered into a definitive agreement with Singapore Power Singapore Power (Abbreviation: SP; Chinese: 新加坡能源有限公司) is a company which provides electricity and gas transmission, distribution services, and market support services to more than a million customers in International (SPI (1) (Stateful Packet Inspection) See stateful inspection. (2) (Service Provider Interface) The programming interface for developing Windows drivers under WOSA. ), a subsidiary of Singapore Power, for SPI to purchase GPU PowerNet, GPU's electric transmission subsidiary in Australia, for A$2.1 billion (approximately US$1.26 billion). Additional transaction considerations will raise the full transaction value to approximately A$2.175 billion. GPU and SPI have agreed to work towards a June 30, 2000 closing. On May 24, GPU announced that it had declined all of the bids that were submitted in connection with the intended sale of its two Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. subsidiary companies, GPU PowerNet and GPU GasNet. Following that announcement, there was renewed interest in the Australian companies This is a list of companies from Australia. Many Australian companies have been taken over by foreign interests in recent years, so some of the formerly 'quintessentially Australian' brand names are in fact owned by American or Japanese mega corporations. and indications of improved pricing. Discussions and continued negotiations with SPI led to today's announcement. As a result of the sale, GPU expects to record an estimated after-tax loss in the second quarter of between $275 million to $300 million, which includes a $60 million currency loss. On a per share basis, these amounts come to a $2.27 to $2.47 loss, which includes a $0.50 currency loss. GPU said it will use the proceeds of the sale to reduce outstanding debt. GPU, Inc. (NYSE: GPU), headquartered in Morristown, NJ, is a registered public utility holding company providing utility and utility-related services to customers throughout the world. GPU serves 4.6 million customers directly through its electric companies -- GPU Energy in the US, GPU Power in the UK, and Emdersa in Argentina. It serves another 1.4 million customers indirectly through its electric and gas transmission subsidiaries PowerNet and GasNet in Australia. The company's independent power project business units own interests in and operate 22 projects in 7 countries and the US. GPU's 1999 revenues were $4.8 billion and its total assets were $21.7 billion. GPU's other subsidiaries include MYR MYR In currencies, this is the abbreviation for the Malaysian Ringgit. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. Group, Inc., GPU Advanced Resources, Inc., GPU International, Inc., GPU Nuclear, Inc., GPU Service, Inc. and GPU Telcom Services, Inc. (http://www.gpu.com) |
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