CMS Closes on Sale of Exploration and Production Business Unit
CMS Energy Corporation has closed a sale of the stock of CMS Oil and Gas Company and its affiliate, CMS Oil and Gas (International), for $167 million. The transaction is part of a previously announced sale of all of CMS Energy's exploration and production business for $232 million. Definitive agreements for sale of the $65 million balance cover stock and assets of CMS Oil and Gas affiliates with properties in Colombia and Venezuela. Closings of those sales, which are pending government approvals, are expected by early October.
"Net proceeds from this sale were used to retire the remaining balance on a $150 million CMS Enterprises term loan due in December 2002," said CMS Energy executive vice president and chief financial officer Tom Webb. "With this sale, CMS Energy has achieved $2.6 billion of asset optimization cash proceeds toward our $2.9 billion goal."
CMS Energy Corporation is an integrated energy company, which has as its primary business operations an electric and natural gas utility, natural gas pipeline systems, independent power generation, and energy marketing, services and trading.