EnergySolutions Inc. (ES:US) obtained a commitment from Morgan Stanley to provide a senior secured credit facility to back its $1.1 billion buyout by Energy Capital Partners LLC.
Energy Capital, the Short Hills, New Jersey-based private- equity firm founded by former Goldman Sachs Group Inc. partner Doug Kimmelman, is acquiring the Salt Lake City-based provider of services to the nuclear industry for $3.75 a share, the company said today in a statement distributed by Marketwire. That’s a 20 percent premium over EnergySolutions’ closing price for the 30 days ended Jan. 4, according to the statement.
EnergySolutions has received unanimous approval for the acquisition from its board of directors. Under the terms of the agreement, the company may solicit better offers from third parties through Feb. 6, according to the statement.
Mark Walker, a spokesman for EnergySolutions, declined to comment beyond today’s statement.
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