Brambles Ltd
(ASX:BXB) has entered a binding agreement to divest its CHEP Aerospace Solutions business for US$130 million.
The company will sell CHEP Aerospace to EQT Infrastructure II, an infrastructure fund, and expects the transaction to complete this month.
Brambles says that it will recognise a small profit for this sale, and cash proceeds from the transaction will be used to reduce outstanding debt.
The company also isn’t expect this sale to have any impact on its current financial year guidance – which is sales revenue growth between 7% and 9%, and underlying profit around US$1 million.
Brambles reported a net profit of $791.4 million at 30 June 2016.
