Deals
Noble Group Surges as U.S. Energy Unit Sold to Calpine Corp.
- Sale of Noble Americas Energy expected to close in December
- Commodity trader plans to cut debt, fund growth opportunities
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Noble Group Ltd., the embattled commodity trader backed by China’s sovereign-wealth fund, agreed to sell its U.S. energy unit to Calpine Corp. for $800 million plus working capital, saying the deal largely completes a drive to raise $2 billion. The shares jumped in Singapore.
The sale of Noble Americas Energy Solutions includes the repayment of working capital, estimated at an additional $248 million, Noble Group said in a filing on Monday, citing the figure in its audited year-end accounts. Calpine costed the working-capital payment at a net $100 million, according to a separate statement. The transaction is expected to close in December.