Nuclear commercial services firm EnergySolutions Inc. (NYSE: ES) announced this morning that it is being acquired by a subsidiary of private equity firm Energy Capital Partners II LLC in a transaction worth about $1.1 billion, or $3.75 a share. The share price represents a 20% premium to EnergySolutions average closing price for the 30 days ending last Friday.
Under the terms of the agreement, EnergySolutions may solicit superior bids until February 6. No expected closing date was given for the transaction, which must receive regulatory approval in the United States and the United Kingdom and approval from the company’s current shareholders.
Predecessor companies to EnergySolutions have operated a low-level radioactive waste facility in the desert west of Salt Lake City since 1990. The company also owns another disposal facility in South Carolina. Virtually every nuclear power plant in the U.S. and the U.K. uses EnergySolutions directly or indirectly.
Shares are up 9.6% in early trading, at $3.77 in a 52-week range of $1.43 to $5.43.