Abengoa Collects 331 Million Euros at Befesa Unit Sale Closing

Abengoa SA, a solar-thermal power and desalination plant developer, said the company collected 331 million euros ($432 million) today at closing of the sale of its Befesa industrial waste unit to Triton funds, which allows it to focus on its water and solar businesses.

The Seville, Spain-based company said after debt adjustments that the total equity consideration from the sale announced on April 18 amounted to 620 million euros.

That comprised 348 million euros in cash, including today’s payment, the remainder to be held in escrow “until resolution of certain items, a vendor note of 48 million euros with a five-year maturity and deferred consideration for 225 million euros in the form of a convertible instrument exchangeable into 14 percent of Befesa” on the exit of Triton from Befesa, Abengoa said in the statement.

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