Technology firm Abengoa SA (ABG.MC) has signed a final share purchase agreement for the sale of 100 percent of its subsidiary Befesa to funds advised by Triton for an enterprise value of 1.075 billion euros.
Befesa is an international company specialized in the integral management of industrial waste. It has plants in Germany, Spain, U.K., France, Sweden, Turkey and South Korea, as well as Chile, Argentina and Peru.
It is a major player in the steel dust and salt slags recycling sectors in Europe and has successfully developed an ambitious international expansion plan.
Both parties had entered into an exclusivity agreement on April 18. On May 13, Abengoa said the required authorizations, undertaken with Befesa's bondholders to facilitate the sale, were successful. Completion of the deal is now expected during the first half of July.
After customary net debt adjustments, consideration for Abengoa totals 620 million euros. This includes 348 million euros cash consideration at closing which is expected in mid-July, a vendor note of 48 million euros with a five-year maturity and deferred consideration valued at 225 million euros.
This deferred consideration will be received by means of a convertible instrument exchangeable into 14 percent of the shares of Befesa at the time of exit of the funds from Befesa or certain other events.
The stock is up 0.7 percent in Madrid in early trade at 2.02 euros.
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