SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date earliest event reported) November 30, 1998
Commission Registrant, State of Incorporation, I.R.S. Employer
File Number Address and Telephone Number Identification No.
1-11299 ENTERGY CORPORATION 72-1229752
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 529-5262
333-33331 ENTERGY LONDON INVESTMENTS, PLC N/A
(a limited company under the laws of
England and Wales)
Templar House
81-87 High Holborn
London WC1V 6NU England
Telephone 011-44-171-242-9050
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Item 5. Other Events
Entergy Corporation ("Entergy") today announced that it has
agreed to sell London Electricity, the regional electric
distribution company in London, England, to Electricite' de
France (EdF), France's national electrical utility, for $3.185
billion.
Entergy expects to realize approximately $1.00 in earnings
per share as a result of the gain on the sale, after fully
reserving for any potential future charges. The gain will not be
subject to any final sale price adjustments. The net cash
proceeds from the transaction will be approximately $860 million
after the liquidation of outstanding acquisition-related debt.
Entergy announced in early August that it would sell London
Electricity following an intensive strategic review and
subsequent decision by Entergy's Board of Directors to refocus
its business and strengthen its financial integrity. As part of
this strategy, Entergy also announced that it would dedicate its
resources to growth opportunities relating to the company's core
competencies: international power development; nuclear power
operations; power marketing and trading and related power
generation. Entergy is also reemphasizing efficiencies and
improving customer service in its four-state domestic electric
utility business.
The sale of London Electricity marks the third step in the
divestiture program. Efficient Solutions, Inc. was sold in
September, and a contract to sell CitiPower was signed on
November 23, 1998.
Business segments that remain to be divested are Entergy
Security, the largest security monitoring company in the
Southeast with 200,000 customers, and portions of Entergy's
telecommunications interests.
Entergy will remain focused on completing the final
divestitures, and then consider the deployment of proceeds after
evaluating the company's overall financial position and strategic
investment plan. Entergy will continue to place financial
integrity as the number one priority.
Entergy will remain active in Europe, focusing efforts on
growing the company's power development business, which includes
two merchant power plants now under construction in the United
Kingdom. Entergy is a U.S.-based global energy company
headquartered in New Orleans, with power production, distribution
operations and related diversified services. Entergy owns,
manages or invests in power plants generating nearly 30,000
megawatts of electricity domestically and internationally.
Entergy distributes energy to more than 2.5 million customers in
the U.S.
Entergy Corporation's on-line address is
http://www.entergy.com
* * * * * * * * * * *
The foregoing includes forward looking statements, estimates
and projections. Actual events and results may, for a variety of
reasons, prove to be materially different from those indicated in
these forward looking statements, estimates and projections.
Factors that could influence actual future outcomes include the
effects of changes in law, regulatory decisions, the evolution of
competition, changes in accounting, weather, the performance of
generating units, fuel prices and availability, financial
markets, risks associated with businesses conducted in foreign
countries, and changes in Entergy's business plans, among other
factors.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
ENTERGY CORPORATION
By: /s/ Nathan E. Langston
Nathan E. Langston
Vice President and Chief
Accounting Officer
ENTERGY LONDON INVESTMENTS PLC
By: /s/ Nathan E. Langston
Nathan E. Langston
Director and Treasurer
Date: December 1, 1998
