Abengoa to Sell Befesa Unit to Triton in $1.4 Billion Deal
Abengoa SA (ABG), the largest developer of solar-thermal power plants, will sell its industrial-waste business to funds advised by Triton Partners in a deal that values the unit at 1.075 billion euros ($1.4 billion).
Abengoa, based in Seville, Spain, will receive about 625 million euros after debt adjustments in exchange for Befesa Medio Ambiente SA, according to a statement today.
Befesa manages industrial-waste plants in Europe, Asia and South America. Abengoa said last year it was spending about $120 million on two steel-dust-waste facilities in Turkey.
The sale allows Abengoa, which produces ethanol and has developed desalination plants from Algeria to India, to “focus on our core activities and to reduce our net leverage,” Chief Executive Officer Manuel Sanchez Ortega said in the statement.
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