Morgan Stanley Unloads 50% Saesa Stake

Morgan Stanley sold its 50% stake in Chilean utility group Inversiones Saesa to Alberta Investment Management (AIMCo), in a deal valued at more than $550m, according to people familiar with the transaction. As priced, the deal came with an Ebitda multiple in excess of 16x, higher than traditional utility deals in the region, a person with knowledge of the transaction valuation pointed out. In the deal, the investment bank sold off its Pelicano Holdings unit, which held the 50% stake in Saesa. Morgan Stanley was advised by Citigroup, while HSBC advised AIMCo. Saesa’s remaining stake is now controlled by Canada’s Ontario Teacher’s Pension Plan Board (OTPP). Saesa was originally acquired by both partners, Morgan Stanley and OTPP, for $870m in 2008.