Abengoa Reaches Final Agreement with Triton for Sale of Befesa
06/17/2013 - Abengoa has signed a final share purchase agreement for the sale of 100% of its subsidiary, Befesa, to funds advised by Triton.
Completion of the deal is subject only to approval by competition authorities and is expected during the first half of July.
In line with the exclusivity agreement entered into by both parties on 18 April 2013, the transaction values Befesa at an enterprise value of €1,075 million. After customary net debt adjustments, total consideration for Abengoa amounts to €620 million: €348 million cash consideration at closing, expected in mid-July, a vendor note of €48 million with a five-year maturity, and deferred consideration valued at €225 million, which shall be received by means of a convertible instrument, exchangeable into 14% of the shares of Befesa at the moment of the exit of the Funds from Befesa or certain other events.
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, looks forward to delivering on its ambitious growth plan and working with Triton.
The Triton funds invest in and support the positive development of medium-sized 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.
Abengoa is a company that applies innovative technology solutions for sustainable development in the energy and environment sectors, generating electricity from the sun, producing biofuels and desalinating sea water.
