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Noble Group Gives Timeline For Executing Sale of Noble Americas Energy Solutions
Noble Group on Friday said that it is targeting the second half of 2016 for completing its sale process for Noble Americas Energy Solutions
Noble's decision to sell Noble Americas Energy Solutions was first reported by EnergyChoiceMatters.com last week (click here for background)
Noble expects to realize, "significant upside" to the book value of Noble Americas Energy Solutions (NAES)
"Given its market-leading position, we've had significant incoming buyer interest [in NAES] over the last nine months. The sale preparation is now at an advanced stage and an advisor will be engaged and a sale process launched shortly. We are targeting a completion date within the second half of 2016," said Nigel Robinson, Head of Financial Services at Noble Group
"The sale of NAES is expected to generate significant cash proceeds from both the sale consideration and the release of working capital. We expect the sale to be materially accretive to book value," Robinson said
"[A]lthough the [NAES] business continues to have strong prospects it is a standalone business which has limited synergies with Noble's key franchises. Given its limited long-term strategic fit, we have decided to sell NAES as part of our strategy to deliver additional liquidity," Robinson said
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June 6, 2016
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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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