CG Power & Industrial Solutions’ step down subsidiary CG Power System Belgium NV has completed the divestment of its power business in USA on July 31, 2017.
Consequently, effective July 31, 2017, CG Power USA Inc. ceases to be a wholly owned step-down overseas subsidiary of the company and has been renamed as WEG Transformers USA Inc upon completion of the divestment. The proceeds of the sale will be used to retire substantial portion of the company’s international debts.
Earlier, the company had accepted a binding offer of WEG S.A for acquisition of the company’s power business in USA comprised in the company’s step down overseas subsidiary, CG Power USA Inc. (PSUS), at an enterprise value of $37 million. In this regard, CG Power Systems Belgium N.V., the company’s step down overseas subsidiary had executed a stock purchase agreement (SPA) on June 20, 2017 with WEG Electric Corp for sale of its 100% stake in PSUS, comprising exclusively of the company’s power business at closing.
| Company Name | CMP |
|---|---|
| Apar Industries | 17781.00 |
| Havells India | 1222.00 |
| Suzlon Energy | 46.78 |
| Siemens | 4075.00 |
| ABB India | 7505.00 |
| View more.. | |
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