Friday, Shanks Group Plc (SKS.L) said it has reached agreement for the sale of its 50% interest in Avondale Environmental Ltd. to Landmedia Ltd., its joint venture partner.
As part of the transaction, Shanks noted that it would also sell to Landmedia its interest in the soil treatment facility at Kinneil Kerse for GBP 0.5 million. Avondale currently operates approximately 5.4 million of consented landfill void, generating approximately 8MWh of electricity from landfill gas.
The transaction values the whole of Avondale, together with the soil treatment facility, at GBP 61.8 million.
After deducting Shanks' share of net debt and site restoration provisions, and adjusting for normalised working capital, it will receive cash consideration of up to GBP 27.5 million.
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