MADISON, Wis. (AFX) - Gas and electric utility Alliant Energy Corp. on Tuesday said it plans to sell its stake in a New Zealand subsidiary, part of a plan to divest its international holdings.
Alliant Energy New Zealand Ltd. owns interests in two publicly traded companies in that country: a roughly 24 percent stake in electricity retailer TrustPower Ltd. and a 5 percent interest in Infratil Ltd., an investor in infrastructure and utility assets.
'An international presence is no longer consistent with Alliant Energy's long-term business strategy,' said President John Peterson.
Alliant said it has hired First New Zealand Capital, in affiliation with Credit Suisse, to manage the sale.
Shares of Alliant Energy closed up 72 cents, or 2 percent, at $37.08 on the New York Stock Exchange.
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