Energy Capital buying EnergySolutions for $338.6M
SALT LAKE CITY (AP) — Energy Capital Partners is buying EnergySolutions for $338.6 million.
The private equity firm will pay $3.75 per share, which is a 9 percent premium to the nuclear contractor's Friday closing price of $3.44.
EnergySolutions Inc. currently has about 90.3 million outstanding shares, according to FactSet. Its stock climbed 27 cents, or 7.9 percent, to $3.71 in Monday morning trading.
The companies put the enterprise value of the deal at $1.1 billion.
"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," EnergySolutions President and CEO David Lockwood said in a statement.
EnergySolutions' board unanimously approved the buyout. The Salt Lake City company's management team is expected to stay in place.
EnergySolutions may seek out third-party offers through Feb. 6.
The transaction still needs approval from EnergySolutions' shareholders as well as regulatory approvals in the U.S. and U.K.