Noble sells US energy unit for US$800m

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.