Noble to sell N. American power business for US$1b
SINGAPORE: Beleaguered Asian commodities trader Noble Group has agreed to sell its North American energy business to US power generator Calpine Corp for a total of US$1.05 billion (RM4.36 billion).
The Singapore-listed, Hong Kong-based firm said yesterday the sale brings it closer to completing an initiative to raise US$2.0 billion in capital as it strengthens its finances to turn the company around.
In a statement to the Singapore Exchange, Noble said it sold its Noble Americas Energy Solutions subsidiary to Calpine for US$800 million, plus US$248 million as repayment for the US unit’s working capital. – AFP