Noble sells US energy unit for US$800m
Analysts say Noble's balance sheet is stronger, but some remain cautious on the stock
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Singapore
IN A move that beleaguered commodity trader Noble Group hopes will restore confidence in its balance sheet, US energy unit Noble Americas Energy Solutions (NAES) was offloaded to US-listed Calpine Corporation for US$800 million on Monday.
The sale price does not include net working capital on the day before the completion of the deal, which Calpine estimates to be US$100 million at closing, but which Noble anticipates to be US$248 million based on end-2015 numbers.
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