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EnergySolutions's sale advances in bid for private ownership

Published February 7, 2013 7:13 pm

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Salt Lake City-based EnergySolutions Inc. is pushing forward with plans to return the company to private ownership.

The company, which operates a mile-square nuclear waste disposal site in Tooele County, is set to be purchased by the private equity firm, Energy Capital Partners. For 30 days, during a "go-shop" period, the company solicited offers from other prospective buyers but none of two dozen alternative purchases made an acceptable offer, the company said in a news release.

"Despite conducting an active and extensive solicitation process, the Company did not receive an alternative acquisition proposal from any potential buyer during the 'go shop' period," according to the news release.

In addition, the United Kingdom Nuclear Decommissioning Authority, has approved the change of ownership.

But the company still needs the consent of the U.S. Nuclear Regulatory Commission, state regulators and shareholders, some of whom have already filed suit over the $1.1 billion deal. The objecting shareholders contend EnergySolutions shares (ES:NYSE) are worth more than the $3.75 per share price they have been promised.

EnergySolutions stock closed at $3.78 per share on Wednesday.

A proxy statement is due "shortly," the news release said. The company hopes to complete the sale in the second or third quarter of 2013.

fahys@sltrib.com

Twitter: @judyfutah