Press Release Celanese - Babcock & Brown
DALLAS, TEXAS - Seale & Associates, Inc. announced that it acted as exclusive financial advisor to Celanese Corporation (NYSE: CE), a global hybrid chemical company, on the sale of its Pampa, Texas, facility to Babcock & Brown (ASX: BNB) for commercial power development. Babcock & Brown will convert the world-class infrastructure at the Celanese facility into a new Pampa Energy Center with up to 800 megawatts of coal-based electric generation, and potentially including IGCC (Integrated Gasification Combined Cycle) electric generation as well as renewable energy. Specific terms of the transaction were not disclosed.
Celanese Corporation, based in Dallas, Texas, is a global leader in the chemicals industry. Its products, found in consumer and industrial applications, are manufactured in North America, Europe and Asia. Net sales totaled US$6.7 billion in 2006, with approximately 60% generated outside of North America. The company employs approximately 8,900 employees worldwide.
Babcock & Brown is an international investment and advisory firm with more than US$44 billion of total funds and assets under management as of December 31, 2006. Babcock & Brown has five operating divisions including real estate, infrastructure and project finance, operating leasing, structured finance and corporate finance. Babcock & Brown's Infrastructure Division operates across a diversified range of assets including renewable fuels, renewable power, conventional power, transportation, energy distribution and transmission, and Public Private Partnerships.
Seale & Associates, Inc., headquartered in Arlington, Virginia, is a global investment banking firm with extensive experience in mergers and acquisitions, corporate finance advisory, and enterprise level strategy consulting. Our professionals are trusted advisors maintaining a high level of quality and integrity while presenting innovative ideas and solutions to address our clients' most complex dealings.