NEW YORK--(BUSINESS WIRE)--The investment banking firm of Morgan Joseph TriArtisan LLC is acting as exclusive financial advisor to EnergySolutions, Inc. in the announced sale of its Projects, Products and Technology division to WS Atkins, plc, the large design, engineering and project management consultancy headquartered in the United Kingdom.
Atkins will pay $318 million for the PP&T business, which is comprised of EnergySolutions’ North American government, Europe, and Asia businesses. Atkins will hire approximately 650 EnergySolutions employees pursuant to the agreement. EnergySolutions will retain its logistics, processing and disposal (“LP&D”) business, its reactor decommissioning business, including current projects at Zion, IL and LaCrosse, WI, and its North American utility services, including liquid waste processing, fuel pool services, and other commercial projects.
“This transaction positions EnergySolutions to better serve the North American utilities market and pursue the growth opportunities in the decommissioning marketplace,” said David Lockwood, President and CEO of EnergySolutions. “Focusing on transportation, logistics, processing and disposal enables EnergySolutions to better meet the waste disposition needs for the U.S. Department of Energy, U.S. Navy and commercial nuclear facilities,” added Lockwood.
This transaction is subject to customary regulatory approvals and is expected to close in the first half of 2016.
“Stephen Clarke and his team at Morgan Joseph TriArtisan have been extremely valuable guiding the transaction to execution of a definitive agreement, and their knowledgeable assistance is greatly appreciated,” said Greg Wood, CFO of EnergySolutions.
“As part of our ongoing coverage of the infrastructure and environmental services sector, the Morgan Joseph TriArtisan Industrials team is delighted to be advising EnergySolutions in the sale of the PP&T division to WS Atkins, plc,” said Mr. Clarke, a MJTA Managing Director.
About EnergySolutions, Inc.
EnergySolutions offers customers a full range of integrated services and solutions, including nuclear operations, characterization, decommissioning, decontamination, site closure, transportation, nuclear materials management, processing, recycling, and disposition of nuclear waste, and research and engineering services across the nuclear fuel cycle.
About Morgan Joseph TriArtisan LLC
Morgan Joseph TriArtisan LLC (www.mjta.com) is an investment and merchant bank engaged in providing financial advice, capital raising and private equity investing. The firm’s services include mergers and acquisitions, in addition to private placements and public offerings of equity and debt.
Certain of the statements made in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the Company’s filings with the U.S. Securities and Exchange Commission.