Today’s Transactions:
Energy Capital Agreed to Take Over Nuclear Waste Handler

The target, EnergySolutions Inc., has until Feb. 6 to find an offer that beats the current $338.5M price tag

Investment firm Energy Capital Partners offered to take EnergySolutions Inc. (NYSE: ES) private for $338.5 million.

The target, a Salt Lake City, Utah-based nuclear waste management company, intends to actively solicit rival bids from third parties until Feb. 6.

The Energy Capital deal, announced Monday, Jan. 7, comes about two months after EnergySolutions announced plans to sell assets as a means to cut debt, which so far exceeds $600 million.

The transaction, which has an enterprise value of $1.1 billion, is expected to help EnergySolutions expand its decommissioning and disposal businesses.

Energy Capital said it intends to operate Energy Solutions as a standalone company and keep current management in place. Energy Capital, based in Short Hills, N.J., was founded by Doug Kimmelman, a former Goldman Sachs Group Inc. (NYSE: GS) partner.

EnergySolutions tapped Goldman Sachs to run the sale process, while Skadden Arps Slate Meagher & Flom LLP handled legal matters.


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