Buyer found for EnergySolutions

8 January 2013

EnergySolutions has entered into an agreement to be acquired by a subsidiary of Energy Capital Partners for $338.5 million.

The transaction, which has been approved by the Board of Directors, would see EnergySolutions' shareholders receive $3.75 in cash for each share of common stock. This represents a premium of approximately 20% over the average closing share price. The transaction is now subject to approval by EnergySolutions' shareholders as well as regulatory approvals in the USA and the UK.

In a 7 January statement, David Lockwood, CEO and president of EnergySolutions said the transaction "offers compelling value, representing a substantial premium to our share price over recent months."

However, the share offer price is below the target price set by at least half a dozen analysts. Imperial Capital analyst Andrew Casella, who has a price target of $4.75, said that the price they are offering is "low," adding that the company has a "unique set of assets" and "is definitely a growth story going forward."

EnergySolutions may solicit superior proposals from third parties through 6 February 2013.



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