French nuclear power generation technology solutions provider Areva SA (EPA:AREVA) said Wednesday it had agreed to sell US nuclear measurement arm Canberra Industries Inc to French private equity firm Astorg Partners for an undisclosed sum.
The deal, which is contingent on regulatory clearances, is seen to be finalised before the end of the first semester of this year, Areva said. Exclusive talks on the offload were announced in October.
The move is part of Areva’s drive to shed assets to trim group debt and bankroll its strategic and safety investment programme. This particular divestment will allow Areva to greatly beat its floor target of EUR1.2bn (USD1.5bn) for asset offloads for 2012 and 2013, the vendor said.
Canberra, which has a global workforce of 1,050, posted sales of some EUR250m for last year.
French nuclear power group Areva SA (EPA:AREVA) said on Tuesday it had finalised the disposal of its holding in Canadian gold mining company La Mancha Resources Inc (TSE:LMA) in a deal that fetched some CAD315m (USD319.5m/EUR254.3m).
The 63% stake was taken by Weather II Investments, a business managed by Egyptian businessman Naguib Sawiris, which agreed last month to buy all shares of La Mancha. The company paid CAD3.50 per La Mancha share, or a premium of 55.6% to La Mancha’s closing on 12 July and 43.1% above the 20-day volume weighted average as of that day.
Areva expects to receive the proceeds from the divestment in the coming days. The money will go for further limiting the company’s debt and for funding its investments.
The sale of La Mancha’s stake is in line with Areva’s Action 2016 strategy, the French group noted.
When announcing the agreement with Weather II Investments in July, La Mancha’s president and CEO Dominique Delorme said the deal provided a significant premium to all shareholders and would allow La Mancha to continue developing its projects with partners in Sudan, Cote d’Ivoire and Australia.
The Canadian gold producer, which is active in Africa, Australia and Argentina, generated revenues of CAD184.7m and EBITDA of CAD83.8m last year, data by Areva shows.