Published: 29 October 2007 29 October 2007
Airtricity has announced that it has entered into a definitive agreement to sell its North American business unit (Airtricity North America) to E.ON AG for a purchase price equating to an enterprise value of approximately US$ 1.4 billion and subject to closing adjustments.
The transaction is the culmination of a process commenced by Airtricity in May this year to examine strategic and financing alternatives for its North American business unit. This process resulted in significant investor interest and the Board of Directors of Airtricity has concluded that it is in the best interest of the company and its shareholders to proceed with a sale of 100% of its interests in Airtricity North America. The proceeds of the sale of the North American business unit will support the ongoing development of Airtricity's European business. The transaction is subject to customary closing conditions, including certain federal and state regulatory approvals and clearance. The transaction is expected to close by the end of the fourth quarter of 2007.