Edison Closes Sale on 50% Stake in Energy Firm for $68 Million
Edison International’s Edison Mission Energy unit completed the sale of its 50% stake in oil and gas company B.C. Star Partners to Remington Energy Ltd. for about $68 million.
Edison said on March 5 that it had agreed to sell its stake for about $71 million. A spokesman said Wednesday the difference is due to currency fluctuations. The spokesman said Edison still plans to recognize a gain on the sale, but the company will not disclose the size of the gain.
B.C. Star is a joint venture of Edison Mission and Texaco Canada Petroleum Ltd., which also completed the sale of its stake to Remington, the spokesman said.
B.C. Star Partners owns interests in 11 producing properties in northeast British Columbia. Edison Mission Energy specializes in the development, acquisition, construction management and operation of independent power production facilities.
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