Tenaska to Reacquire Sole Ownership of Tenaska Marketing Ventures from AIG

December 3, 2008 8:56 AM EST

American International Group (NYSE: AIG) and Tenaska, Inc. (Tenaska) announced that Tenaska will repurchase the interest in Tenaska Marketing Ventures, Tenaska Gas Storage and Tenaska Marketing Canada (collectively TMV) currently owned by affiliates of AIG.

Since April 1, 2007, 50 percent of TMV's holding companies have been owned by affiliates of Tenaska and the other 50 percent by affiliates of AIG Financial Products Corp. (AIG-FP). Tenaska serves as manager of TMV and Tenaska personnel operate the business. Tenaska proposed to AIG that Tenaska reacquire AIG's interest in TMV after AIG announced that it was winding down the AIG-FP division as part of AIG's restructuring of certain of its assets.

Before AIG acquired its interest in TMV in April 2007, Tenaska was sole owner of TMV for many years. After completion of this repurchase, Tenaska's employee owners will again own 100 percent of TMV, which was formed in 1991. AIG and Tenaska anticipate closing on or about January 2, 2009, subject to the timing of certain regulatory approvals. The terms of the transaction were not disclosed.

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