Exxon to Sell Electric Subsidiary
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NEW YORK — Exxon Corp. said today it is selling its Reliance Electric Co. subsidiary and other companies being managed by Reliance for $1.35 billion.
The world’s largest oil company said it will sell the package to a group of investors comprised of Reliance management, Citicorp Capital Investors, and Prudential-Bache Securities Inc. Exxon said in a statement that it expects to conclude the deal by the end of the month, and that it should generate an estimated after-tax gain of more than $275 million.
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