M&As this week: Longroad Energy Holdings, Nuclear Logistics, and Covata Holding Corporation
Longroad Energy Holdings has reached an agreement to sell a 90% stake to Infratil Limited and the New Zealand Superannuation Fund.
Based in the US, Longroad Energy Holdings is engaged in the development of renewable power projects, while Infratil is an investment company.
As part of the transaction, the acquirer companies have committed to invest Longroad Energy Holdings through equity and credit commitment, which will be managed by H.R.L. Morrison & Co.
Nuclear Logistics will be acquired by US-based nuclear technology company Westinghouse Electric Company.
Also based in the US, Nuclear Logistics designs, develops, manufactures, and supplies equipment for the nuclear energy industry from its manufacturing and testing facility in Fort Worth, Texas.
Westinghouse Electric aims to strengthen its presence in the nuclear market through the acquisition.
Covata Holding Corporation has sold a 90% stake in its subsidiary Chongqing Sanfeng Environmental Industry Group to CITIC in a strategic attempt to repay revolver borrowings and expand business.
Chongqing Sanfeng Environmental Industry Group provides engineering, procurement, and construction services in the renewable energy market.
The purchase consideration for the acquisition is $100m.