Abengoa reaches final agreement on Befesa deal

Abengoa (Seville, Spain) announced that it has reached a final agreement with investment firm Triton Partners (Frankfurt, Germany) for the sale of its industrial waste management subsidiary Befesa to the funds for an enterprise value of €1,075 million (about $1,438 million U.S.). After net debt adjustments, the total consideration for Abengoa amounts to approximately €621 million, consisting of €348 million in cash, a vendor note of €48 million with a five-year maturity, and deferred consideration of €225 million, to be paid by means of a convertible instrument. Befesa, which claims to be a leader in steel dust and salt slag recycling in Europe, employs more than 2,000 people at plants in Germany, Spain, the United Kingdom, France, Sweden, Turkey, South Korea, Chile, Argentina, and Peru.