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EnergySolutions reports vote on public-to-private move

Published April 29, 2013 9:49 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This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated.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.

EnergySolutions Inc. reported to the U.S. Securities and Exchange Commission that roughly 53 million shares were voted in favor of bringing the company back into private hands, while nearly 15.4 million shares were voted against the move.

The 4-to-1 margin approving the merger with New Jersey-based private equity fund Energy Capital Partners sets the company on track to complete the deal before July.

A spokesman for the Salt Lake City-based company said last week the ownership change, which ends six years of EnergySolutions being a publicly traded company, would not affect day-to-day operations. Nor is it expected to have an impact on the company's mile-square disposal site for low-level radioactive waste, in Tooele County about 80 miles west of Salt Lake City.

EnergySolutions' top management team, led by president and CEO David Lockwood, will receive golden parachutes worth $33.5 million, thanks to 40.5 million shares voted in favor on Friday and 27.6 million against. The management team is expected to stay on under the new ownership.

Judy Fahys