Plus   Neg

Kenon: Inkia Completes Sale Of Latin American, Caribbean Businesses

Kenon Holdings Ltd. (KEN) announced that Inkia Energy Limited, a subsidiary of IC Power Ltd., has completed the sale of its Latin American and Caribbean businesses to I Squared Capital. The sale is expected to generate proceeds of approximately $1.332 billion. The net proceeds to be distributed to Kenon are expected to be $619 million. Kenon intends to use a portion of the proceeds of the transaction to repay debt of IC Power, and to repay its loan facility with Israel Corporation.

Kenon's shareholders authorized a capital reduction to enable a potential distribution of a portion of the proceeds received from the transaction, but no determination has yet been made as to whether a distribution will be made or as to the timing or amount of any such distribution.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Google plans to commission three underwater cables in 2019 as part of efforts to expand its cloud business amid stiff competition from rivals Microsoft and Amazon. The three fiber-optic subsea cables will run across different routes. Google noted that it has spent $30 billion to improve its infrastructure over three years. McDonald's Corp. said Tuesday that all of its packaging worldwide will come from renewable, recycled or certified sources by 2025, up from the current figure of 50 percent. The fast food giant also aims to recycle guest packaging in all its restaurants by then, compared with only 10 percent of its restaurants currently. General Electric Co. (GE) will take an after-tax charge of $6.2 billion in its fourth quarter results as part of comprehensive review of its finance arm's insurance portfolio. The after-tax charge will be $7.5 billion when adjusted to the rate following the recent U.S. tax overhaul.
comments powered by Disqus
Follow RTT