BNFL sells Reactor Sites Management Company to EnergySolutions

Fri, 15 Jun 2007

Following the announcement on 21 December 2006 of the commencement of the sale process for the Reactor Sites Management Company Limited, UK nuclear firm BNFL ihas announced that it has today reached agreement to sell the entire share capital of RSMC to EnergySolutions.

The sale includes Magnox Electric Limited, a wholly-owned subsidiary of RSMC, which holds the contracts and licences to operate ten nuclear reactor sites in the UK on behalf of the Nuclear Decommissioning Authority. RSMC currently employs 70 staff and has, through MEL, responsibility for a further 3,500 employees across the UK sites under its management.

In commenting on the agreement reached with EnergySolutions, BNFL Group Chief Executive Michael Parker said “We believe that this business and its people will have a strong future as part of an ambitious organisation capable of injecting complementary skills to further increase value for the Nuclear Decommissioning Authority.

Crucially a sale to EnergySolutions will also provide a good home and much broader career opportunities for our people and first rate value for our shareholder.”

Rothschild acted as financial adviser on this transaction. Legal advice has been provided by Freshfields Bruckhaus Deringer.