Icahn Enterprises L.P. announced that its wholly-owned subsidiary, American Entertainment Properties Corp., has entered into a definitive agreement to sell 100% of its interests in Ohio-based PSC Metals LLC to California-based SA Recycling LLC. The enterprise value of the deal is estimated at around $290 million. The transaction is expected to close by end-2021, subject to receipt of regulatory approvals and to the satisfaction of other customary conditions.
Icahn Enterprises had retained ownership of a strategic parcel of land owned by PSC Metals located near downtown Nashville, Tennessee. As per the agreement, it will now lease that land to SA Recycling.
As of June 30, 2021, PSC Metals’ balance sheet was valued at $141 million. The deal involves scrap metal processing facilities operated by PSC Metals across Ohio, Pennsylvania, Indiana, Illinois, Missouri, Kentucky, Georgia and Alabama. It must be noted that Icahn Enterprises had acquired its interests in PSC Metals in 2007.
Carl C. Icahn, Chairman, Icahn Enterprises stated that PSC Metals had reported significant jump in EBITDA over the past several years, despite challenging circumstances created by volatile commodity markets. The current transaction is appropriately timed and provides a very positive outcome for Icahn unitholders, he added.
Source By – ScrapMonster