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EnergySolutions Inc. this week announced that it has entered into a definitive agreement to be acquired by a subsidiary of Energy Capital Partners II LLC.
The transaction is worth $1.1 billion, EnergySolutions said in a press release.
The company’s Roane County operations include facilities on Bear Creek Road in Oak Ridge and Gallaher Road in Kingston.
“For our company, this transaction enables us to continue to execute on our strategic plan by providing the investment capital to expand and to grow our business,” EnergySolutions CEO and President David Lockwood was quoted in the press release.
EnergySolutions, which is headquartered in Salt Lake City, is an international nuclear services company.
Its services include the decommission of nuclear sites, management of spent nuclear fuel, transportation of nuclear material and environmental cleanup of nuclear sites.
“We are excited to acquire EnergySolutions, one of the leading global environmental and nuclear services companies,” Tyler Reeder, a partner at Energy Capital Partners, was quoted in a news release. “We look forward to investing capital in support of management’s strategic vision to continue to expand the company’s business both in North America and internationally.”
Energy Capital offices are in Shore Hills, N.J., and San Diego.
Reeder added that his firm sees an opportunity to grow EnergySolutions’ decommissioning and disposal businesses in the United States.
“The ECP (Energy Capital Partners) acquisition of EnergySolutions is subject to customary closing conditions, including regulatory approvals in the U.S. and U.K. and clearance under the Hart-Scott-Rodino Act,” the press release said. “In addition, the transaction is subject to approval by EnergySolutions’ stockholders.”
Questions already have been raised in the business press about the price EnergySolutions stockholders may be paid for their stock.