OMAHA, Nebraska – Tenaska, Inc. (Tenaska) today announced that its repurchase of the interests in Tenaska Marketing Ventures, Tenaska Gas Storage and Tenaska Marketing Canada (collectively TMV) formerly owned by affiliates of American International Group, Inc. (AIG) has been completed.
In 2007, AIG affiliates acquired a 50 percent interest in TMV, previously wholly owned by Tenaska. Tenaska serves as the managing partner of TMV, and Tenaska’s strong corporate balance sheet, plus a five-year $1 billion revolving line of credit supports TMV’s operations.
Affiliates of AIG agreed in November 2008 to sell their interest in TMV back to Tenaska. Completion of the repurchase transaction results in Tenaska’s employee-owners again owning 100 percent of TMV. The terms of the transaction were not disclosed.
“The combination of the outstanding team operating TMV and the strength of Tenaska’s reputation and balance sheet means TMV is positioned to continue its record of growth and success,” said Tenaska Chief Financial Officer Jerry Crouse.
About Tenaska Marketing Ventures
Tenaska Marketing Ventures, Tenaska Marketing Ventures Canada, and Tenaska Gas Storage (collectively TMV) are affiliates of Omaha-based Tenaska, one of the leading independent power producers in the U.S. and ranked in 2008 by Forbes magazine as the 24th largest private company in the U.S., based on 2007 revenues. Founded in 1991, TMV is regarded as one of the top 10 natural gas marketers in North America, and provides natural gas commodity, volume management, hedging and asset management products and services. To learn more about Tenaska, visit the company’s Web site at www.tenaska.com.