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Noble Group sells North America energy unit to Calpine Corp
October 9, 2016 / 11:36 PM / a year ago

Noble Group sells North America energy unit to Calpine Corp

Oct 10 (Reuters) - Struggling Noble Group said on Monday it will sell its North America energy unit Noble Americas Energy Solutions to Calpine Corp.

The consideration for the divestiture consists of $800 million plus the repayment to Noble of Noble Americas Energy Solutions (NAES) working capital at closing.

The Singapore-listed company said its North America energy unit will continue to accrue to Noble up until closing of the transaction.

“The sale of NAES substantially completes the $2 billion capital raising initiative that we announced in June”, said Noble’s Co-CEOs, Jeff Frase and Will Randall.

It is expected that the transaction will close in December 2016.

Reporting By Shashwat Pradhan in Bengaluru; Editing by Alistair Bell

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