THE WOODLANDS, Texas, June 30, 2017 /PRNewswire/ -- CB&I (NYSE: CBI) today announced it has completed the sale of its Capital Services business to an affiliate of private equity firm Veritas Capital. CB&I and Veritas Capital agreed to amend the sales price to $700 million, with net proceeds of approximately $650 million after working capital adjustments and transaction costs. CB&I will record an additional non-cash pre-tax charge of approximately $50 million in the second quarter of 2017 to account for the change in sales price.
"I would like to congratulate the Veritas Capital and CB&I teams on the successful and timely close of the transaction," said Patrick K. Mullen, who assumes the role of CB&I's Chief Executive Officer July 1. "Completing the sale of our Capital Services business is a significant milestone in CB&I's plan to delever our balance sheet, and we expect an additional positive impact on our overall business by recognizing related cost synergies."
CB&I (NYSE: CBI) is a leading provider of technology and infrastructure for the energy industry. With over 125 years of experience, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.
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