Abengoa closes the sale of Befesa to Triton
- Abengoa collects euro 331 million today at closing.
- The sale is part of the company's strategy to focus on core businesses.
WASHINGTON, July 15, 2013 /PRNewswire/ -- Abengoa (MCE: ABG.B), the company that applies innovative technology solutions for sustainable development in the energy and environment sectors, announces that today it has closed the sale of 100 percent of its subsidiary, Befesa, to funds advised by Triton ("the Funds"), following the approval by competition authorities.
After customary net debt adjustments, total equity consideration to Abengoa amounts to €620 million. This is comprised of €348 million cash payment (€331 million of which will be collected today and the remaining to be held in escrow until resolution of certain items), a vendor note of €48 million with a five year maturity and deferred consideration for €225 million in the form of a convertible instrument exchangeable into 14 percent of Befesa at the moment of the exit of Triton from Befesa.
This transaction is another successful step in Abengoa's strategy to focus on its core activities, which include the engineering, development and operation of solar-thermal plants, water desalination plants, transmission lines and biofuels production plants. Furthermore, it proves Abengoa's successful investment and asset rotation track record.
Befesa is an international company that specializes in the integral management of industrial waste, with plants in Germany, Spain, United Kingdom, France, Sweden, Turkey and South Korea, as well as Chile, Argentina and Peru. Thanks to the dedication of its more than 2,000 professionals, Befesa is a leader in the steel dust and salt slags recycling sectors in Europe and has successfully developed an ambitious international expansion plan. Befesa's successful management team, led by CEO Javier Molina, look forward to delivering on their ambitious growth plan and working with Triton.
Abengoa (MCE: ABG.B) applies innovative technology solutions for sustainability in the energy and environment sectors, generating electricity from renewable resources, converting biomass into biofuels and producing drinking water from sea water. (www.abengoa.com)
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Northern Europe - with a focus on Germany, Switzerland, Austria and the four Nordic countries: Denmark, Finland, Norway and Sweden. Within this European region, Triton focuses on businesses in the Industrial, Business Services, and Consumer / Health sectors.
Founded in 1997, Triton seeks to pro-actively contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 23 companies currently in Triton's portfolio have combined sales of approximately €11.7 billion and over 47,000 employees.
The Triton funds are advised by dedicated teams of investment professionals based in China, Jersey, Germany, Luxemburg, Sweden and the UK.
Tel: +49 172 899 6264