Brambles completes sale of its RPC business

Company News

by Anna Napoli

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$12.165 -$0.107 -0.87%
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Last Updated: 11/12/2019 3:59 PM

Brambles (ASX:BXB)has completed the sale of its IFCO reusable plastic containers (RPC) business to Triton and a subsidiary of the Abu Dhabi Investment Authority (ADIA) for an enterprise value of US$2.51 billion.

 Brambles says following receipt of necessary regulatory approvals, the completion of the sale took place last Friday in the Netherlands .

The company intends to return up to US$1.95 billion of proceeds from the sale to shareholders through a combination of a pro-rata return of cash of approximately US$300 million and an on-market share buy-back(of up to US$1.65 billion.

Brambles’ intends to commence the on-market buyback early this month.

Shares in Brambles (ASX:BXB) closed 0.41 per cent lower at $12.11 on Friday

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.