AP News

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.

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