TAMPA, Fla.--(BUSINESS WIRE)--TECO Energy (NYSE:TE - News) today announced that it has closed the sale of TECO Transport Corporation to an investment group led by an affiliate of Greenstreet Equity Partners, L.P., a Miami-based private equity firm founded by Steven Green, the former U.S. Ambassador to Singapore, and Jeffrey Safchik, for $405 million, which is subject to the final adjustment of net working capital. Net proceeds from the sale, taking into consideration estimated transaction-related costs and state and federal taxes, are expected to be approximately $375 million. TECO Energy expects to record a pretax book gain in the fourth quarter of between $235 million and $245 million, excluding previously recognized transaction costs.
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