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