US-based EnergySolutions on 19 November signed a definitive agreement to acquire Waste Control Specialists (WCS), a wholly owned subsidiary of Valhi Inc, which operates a waste disposal facility located in Andrews County, Texas.
EnergySolutions will pay $270m in cash, $20m face value in Series A Preferred Stock, and will assume approximately $77m of WCS debt. Additionally, EnergySolutions will assume all financial assurance obligations related to the WCS business. Completion of the sale is subject to closing conditions outlined in the transaction agreement.
"Combining our capabilities will bring improved operational efficiencies and allow us to deliver a safe and seamless supply chain that better serves the needs of commercial and government customers," said David Lockwood President and CEO of EnergySolutions. "In addition to the ongoing utilization of all the acquired assets, we intend to continue to seek expansion opportunities in the nuclear services area.
EnergySolutions and WCS will continue to operate as independent companies until completion of the sale.
The news comes two days after EnergySolutions announced plans to sell its nuclear services division to UK engineering consultancy company Atkins for $318m. EnergySolutions said Atkins would buy its Projects, Products and Technology division, which comprises EnergySolutions' North American government, Europe, and Asia businesses.
"This transaction positions EnergySolutions to better serve the North American utilities market and pursue the growth opportunities in the decommissioning marketplace," said Lockwood.
"Focusing on transportation, logistics, processing and disposal enables EnergySolutions to better meet the waste disposition needs for the US Department of Energy, US Navy and commercial nuclear facilities."