Energy Capital Partners plans to operate EnergySolutions as a standalone business operation with the current management team remaining in place.
EnergySolutions, Inc. (NYSE – ES), a leader in nuclear commercial services, announced that it has entered into a definitive acquisition agreement to be acquired by a subsidiary of Energy Capital Partners II, LLC (“Energy Capital” or “ECP”) in a transaction with an enterprise value of $1.1 billion. Under the terms of the agreement, EnergySolutions‘ shareholders will receive $3.75 in cash for each share of common stock. This represents a premium of approximately 20% over the average closing share price of EnergySolutions‘ common stock for the 30 days ended January 4, 2013.
The definitive acquisition agreement has been unanimously approved by the EnergySolutions‘ Board of Directors.
“For our shareholders, this transaction offers compelling value, representing a substantial premium to our share price over recent months,” stated David Lockwood, CEO and President of EnergySolutions. “For our company, this transaction enables us to continue to execute on our strategic plan by providing the investment capital to expand and to grow our business. With over $7 billion of capital commitments under management, Energy Capital is one of the largest energy-focused private equity firms in the world, with extensive knowledge and deep relationships across the energy and utility sectors. In addition, as a result of this transaction, our company becomes part of the ECP network of portfolio companies, providing the ability to leverage the firm’s management, financial resources and operational expertise. As a private company with substantial financial backing, we will be able to better manage our business for the long-term in order to serve the best interests of our customers, employees, joint venture partners and other stakeholders.”
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Source: EnergySolutions | January 7, 2013