November 26, 2017 / 7:15 AM / a year ago

Israel's Kenon agrees to sell IC Power's Latam business for $1.2 bln

JERUSALEM, Nov 26 (Reuters) - Israel’s Kenon Holdings said on Sunday it has agreed to sell IC Power’s Latin American and Caribbean businesses to infrastructure investment manager I Squared Capital for about $1.2 billion.

“The sale is part of Kenon’s strategy to provide its shareholders with direct access to its businesses, including through monetization of its businesses,” the company said.

The deal, which is expected to close in the next several months, is only for operations owned by IC Power’s subsidiary Inkia Energy in Latin America and the Caribbean, and does not include its OPC Energy Ltd operations in Israel.

As part of the transaction, I Squared Capital will assume Inkia’s $450 million of bonds, which were issued in November 2017, Kenon said.

Kenon is also convoking a meeting at which shareholders will be asked to ratify the sale and subject to the completion of the sale, approve a capital reduction to enable Kenon to distribute a portion of the transaction proceeds to its shareholders. (Reporting by Ari Rabinovitch, Editing by Tova Cohen)

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