Hong Kong-based commodities trading company Noble Group is buying Sempra Energy Solutions for an enterprise value of $582 million in a deal welcomed by Noble shareholders.
Sempra Energy Solutions is part of a 5050 joint venture between the Royal Bank of Scotland RBS and Sempra Energy, which operates under the name of RBS Sempra Commodities. RBS acquired its stake in early 2008 and the sale is being driven by the need for RBS to recapitalise after receiving a bailout package from the UK government.
The transaction is part of a programme to sell all of RBS Sempra Commodities' businesses. The first phase of the programme was completed in July 2010 with the...
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