27 days ago
Celanese Corporation (NYSE:CE) agreed to sell another 19% of the Nutrinova food-ingredients joint venture to Mitsui & Co., Ltd. for approximately $152 million in cash. The transaction, expected to close in the fourth quarter subject to customary conditions, will reduce the retained interest of Celanese Corporation (NYSE:CE) from 30% to 11%.
The interest being sold generated approximately $4 million of equity earnings in 2025. The consideration therefore equals about 38 times that contribution, suggesting Celanese Corporation (NYSE:CE) is receiving a strong price for a noncore holding. The proceeds will reduce debt, fund upcoming maturities, and count toward the goal of Celanese Corporation (NYSE:CE) to generate $1 billion from divestitures by the end of 2027.
The disclosed economics favor the sale. Paying $152 million for an interest that generated $4 million of equity earnings implies an earnings yield of only about 2.6% for the buyer. Celanese Corporation (NYSE:CE) is exchanging a relatively small earnings contribution for immediate debt-repayment capacity and potential interest savings.
Celanese Corporation (NYSE:CE) also retains 11% of Nutrinova, preserving some participation if the food-ingredients venture expands. Under the related diketene-facility arrangement, Nutrinova will cover the facility's full purchase price and ongoing operating costs. Celanese Corporation (NYSE:CE) has no funding obligation, limiting capital exposure while retaining an economic interest.
Combined with the completed $500 million Micromax divestiture, the latest transaction would bring the combined announced transaction values of the two deals to approximately $652 million. That would represent about 65% of the $1 billion divestiture objective.
#NYSE #million #nutrinova
The interest being sold generated approximately $4 million of equity earnings in 2025. The consideration therefore equals about 38 times that contribution, suggesting Celanese Corporation (NYSE:CE) is receiving a strong price for a noncore holding. The proceeds will reduce debt, fund upcoming maturities, and count toward the goal of Celanese Corporation (NYSE:CE) to generate $1 billion from divestitures by the end of 2027.
The disclosed economics favor the sale. Paying $152 million for an interest that generated $4 million of equity earnings implies an earnings yield of only about 2.6% for the buyer. Celanese Corporation (NYSE:CE) is exchanging a relatively small earnings contribution for immediate debt-repayment capacity and potential interest savings.
Celanese Corporation (NYSE:CE) also retains 11% of Nutrinova, preserving some participation if the food-ingredients venture expands. Under the related diketene-facility arrangement, Nutrinova will cover the facility's full purchase price and ongoing operating costs. Celanese Corporation (NYSE:CE) has no funding obligation, limiting capital exposure while retaining an economic interest.
Combined with the completed $500 million Micromax divestiture, the latest transaction would bring the combined announced transaction values of the two deals to approximately $652 million. That would represent about 65% of the $1 billion divestiture objective.
#NYSE #million #nutrinova
0.00$ raised of 0.00$ goal
0 donations
0.00$
to go
29 days ago
UK-based energy company Kistos has been granted a Royal Decree by the Sultanate of Oman relating to its acquisition of onshore Blocks 3 and 4 (Afar & Ghunaim) in Oman from Mitsui E&P Middle East.
Formal completion of the sale and purchase agreement with Mitsui is expected soon.
This will address the final completion adjustments and accounting requirements for the period since signing the original agreement, following the transfer of legal ownership.
Kistos confirmed that the acquisition of Block 9 (Suneinah) from Mitsui remains ongoing. The transaction is following a separate schedule due to its exploration and production sharing agreement (EPSA) framework.
The total consideration for the acquisition of Blocks 3, 4 and 9 is $148m (£109.38m), with an effective date of 1 January 2025, according to Kistos.
#mitsui #acquisition #agreement #blocks
Formal completion of the sale and purchase agreement with Mitsui is expected soon.
This will address the final completion adjustments and accounting requirements for the period since signing the original agreement, following the transfer of legal ownership.
Kistos confirmed that the acquisition of Block 9 (Suneinah) from Mitsui remains ongoing. The transaction is following a separate schedule due to its exploration and production sharing agreement (EPSA) framework.
The total consideration for the acquisition of Blocks 3, 4 and 9 is $148m (£109.38m), with an effective date of 1 January 2025, according to Kistos.
#mitsui #acquisition #agreement #blocks
3 months ago
Renewable energy developer Avantus said its Aratina 1 solar-plus-storage project has entered commercial operation in California. The 200-MW/500-MWh installation in Kern County has long-term power purchase agreements (PPAs) with Central Coast Community Energy (3CE) and Silicon Valley Clean Energy (SVCE), a pair of community choice aggregators.Avantus on July 20 said the company will have a controlling stake in Aratina 1 and will operate the facility. The company said the project is among several **** ets it will oversee as it expands from a clean energy developer to an independent power producer (IPP)."Aratina 1 coming online marks a major milestone for Avantus as an independent power producer, providing reliable clean power to California communities for decades to come," said Cliff Graham, CEO of Avantus. "I'm incredibly proud of what Team Avantus built here. Their expertise across development, construction, financing and operations, and the trust our financing and CCA partners have placed in us, are the foundation we're building our long-term IPP model on.""The Aratina project is a powerful example of how community choice energy turns climate goals into real projects on the ground," said Robert Shaw, CEO of 3CE. "Our long-term commitment to 120 MW from this facility will deliver clean, affordable power to our customers while supporting California's transition away from fossil fuels. We're grateful to partner with Avantus on a project that strengthens grid reliability and invests in the Central Coast's clean energy future."
Avantus said a consortium of lenders, including Sumitomo Mitsui Banking Corp., Truist Securities, ING Capital, and Mizuho, provided financing of more than $500 million for Aratina 1. The project also secured a $300-million tax equity commitment from Truist Bank. Officials said the project created about 500 jobs at peak construction."The clean power generated from the Aratina project gets us one step closer to our climate goals. New projects like this are critical in increasing statewide clean capacity and reliability as we reduce our dependence on fossil fuels and move towards an all-electric future," said Monica Padilla, CEO of SVCE.Avantus on Monday said that Aratina 2, the second phase of the Aratina Solar Center, located adjacent to Aratina 1, is currently under construction. Aratina 2 recently closed more than $525 million in financing and is targeting commercial operation before year-end. The Aratina Solar Center when complete will represent a combined 350 MW of solar and 952 MWh of energy storage.Avantus develops, owns, and operates utility-scale clean energy projects across California and the Desert Southwest. The company is backed by strategic investment from KKR and EIG. The company earlier this year closed a financing package of more than $300 million for a project in Arizona.Avantus and Clean Power Alliance, another community choice aggregator, earlier in July announced a 20-year PPA for the Rexford 2 solar-plus-s
Avantus said a consortium of lenders, including Sumitomo Mitsui Banking Corp., Truist Securities, ING Capital, and Mizuho, provided financing of more than $500 million for Aratina 1. The project also secured a $300-million tax equity commitment from Truist Bank. Officials said the project created about 500 jobs at peak construction."The clean power generated from the Aratina project gets us one step closer to our climate goals. New projects like this are critical in increasing statewide clean capacity and reliability as we reduce our dependence on fossil fuels and move towards an all-electric future," said Monica Padilla, CEO of SVCE.Avantus on Monday said that Aratina 2, the second phase of the Aratina Solar Center, located adjacent to Aratina 1, is currently under construction. Aratina 2 recently closed more than $525 million in financing and is targeting commercial operation before year-end. The Aratina Solar Center when complete will represent a combined 350 MW of solar and 952 MWh of energy storage.Avantus develops, owns, and operates utility-scale clean energy projects across California and the Desert Southwest. The company is backed by strategic investment from KKR and EIG. The company earlier this year closed a financing package of more than $300 million for a project in Arizona.Avantus and Clean Power Alliance, another community choice aggregator, earlier in July announced a 20-year PPA for the Rexford 2 solar-plus-s
3 months ago
TOKYO, July 10 (Reuters) - SoftBank Corp and mobile payments operator PayPay are in talks to invest in retail giant Seven & i Holdings, Bloomberg News reported on Friday.
Bloomberg said the investment will likely total several hundred billion yen and Sumitomo Mitsui Card may also take a stake, while the Nikkei business daily reported later that total investment is expected to reach up to 300 billion yen ($1.85 billion).
Sumitomo Mitsui Card is a unit of Sumitomo Mitsui Financial Group.
Reuters could not immediately verify the reports. SoftBank, Seven & i, PayPay and SMFG declined to comment.
Seven & i operates 7-Eleven stores worldwide, with ***** an and the U.S. its largest markets.
Bloomberg said the investment will likely total several hundred billion yen and Sumitomo Mitsui Card may also take a stake, while the Nikkei business daily reported later that total investment is expected to reach up to 300 billion yen ($1.85 billion).
Sumitomo Mitsui Card is a unit of Sumitomo Mitsui Financial Group.
Reuters could not immediately verify the reports. SoftBank, Seven & i, PayPay and SMFG declined to comment.
Seven & i operates 7-Eleven stores worldwide, with ***** an and the U.S. its largest markets.
3 months ago
ADNOC and its international investment platform XRG have signed a Strategic Collaboration Agreement with ****** an's Mitsui & Co. to pursue new business opportunities spanning the energy value chain, deepening a partnership that dates back to the 1970s.
The agreement, signed during ADNOC Managing Director and Group CEO Sultan Al Jaber's visit to ****** an, establishes a framework for the companies to explore cooperation across liquefied natural gas (LNG), crude oil, sulfur, shipping, and chemicals, while also evaluating international energy investment opportunities through XRG.
The companies will ****** s collaboration on crude oil market development and long-term supply arrangements, LNG sales and portfolio optimization, sulfur procurement and logistics, and shipping solutions covering LNG, ammonia, sulfur, and other commodities.
The partnership will also examine opportunities in lower-carbon fuels and chemicals, including methanol and projects at the UAE's TA'ZIZ industrial and chemicals hub, alongside broader international investments across the energy sector through XRG.
The agreement builds on ADNOC's longstanding relationship with Mitsui and reinforces the UAE's role as a key supplier to ****** an, where ADNOC currently provides around one-third of the country's crude oil imports.
The agreement, signed during ADNOC Managing Director and Group CEO Sultan Al Jaber's visit to ****** an, establishes a framework for the companies to explore cooperation across liquefied natural gas (LNG), crude oil, sulfur, shipping, and chemicals, while also evaluating international energy investment opportunities through XRG.
The companies will ****** s collaboration on crude oil market development and long-term supply arrangements, LNG sales and portfolio optimization, sulfur procurement and logistics, and shipping solutions covering LNG, ammonia, sulfur, and other commodities.
The partnership will also examine opportunities in lower-carbon fuels and chemicals, including methanol and projects at the UAE's TA'ZIZ industrial and chemicals hub, alongside broader international investments across the energy sector through XRG.
The agreement builds on ADNOC's longstanding relationship with Mitsui and reinforces the UAE's role as a key supplier to ****** an, where ADNOC currently provides around one-third of the country's crude oil imports.
