Babcock & Wilcox Enterprises Announces Completion of Sale of SPIG and GMAB to Auctus Neptune Holding S.p.A.

by · The Markets Daily

On October 30, 2024, Babcock & Wilcox Enterprises, Inc. finalized the sale of its Italian subsidiary SPIG S.p.A. and its Swedish subsidiary Babcock & Wilcox Vølund AB f/k/a Götaverken Miljö AB to Auctus Neptune Holding S.p.A. The sale was executed through Babcock & Wilcox’s subsidiaries, B&W PGG Luxembourg Finance Sárl and Babcock & Wilcox A/S.

The total base purchase price for this transaction amounted to approximately €36.7 million, with adjustments allowed for specific indemnity obligations, payments, dividends, encumbrances, share issuances, or other specified scenarios. The Purchase Agreement includes a three-year non-competition covenant pertaining to Babcock & Wilcox Enterprise’s Wet and Dry Cooling Business and a three-year non-solicitation covenant.

The Company clarified that apart from the transaction, they do not share any significant connection with the Buyer, Auctus Neptune Holding S.p.A.

In a related development, on October 31, 2024, Babcock & Wilcox Enterprises issued a press release regarding the sale of SPIG and GMAG to the Buyer. The press release is available as Exhibit 99.2 of the current report. The information shared in the press release is being incorporated by reference in the report but is not considered as filed under the Securities Exchange Act of 1934 or integrated by reference in any filings under the Securities Act of 1933 or the Exchange Act, except by explicit cross-reference in such filings.

Moreover, the Company provided unaudited pro forma condensed consolidated financial information in Exhibit 99.1 and documented the press release dated October 31, 2024, in Exhibit 99.2.

Investors and stakeholders are cautioned that forward-looking statements in this release, including those linked to the sale of SPIG S.p.A. and Babcock & Wilcox Vølund AB, carry risks and uncertainties. Babcock & Wilcox Enterprises advises reviewing its filings with the Securities and Exchange Commission, particularly the most recent annual report on Form 10-K, for insight into these risk factors. The Company disclaims any obligation to update or revise forward-looking statements beyond legal mandates.

For further information, please refer to the original SEC filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Babcock & Wilcox Enterprises’s 8K filing here.

About Babcock & Wilcox Enterprises

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Babcock & Wilcox Enterprises, Inc, together with its subsidiaries, provides energy and emissions control solutions to industrial, electrical utility, municipal, and other customers worldwide. The company operates through three segments: Babcock & Wilcox Renewable; Babcock & Wilcox Environmental; and Babcock & Wilcox Thermal.

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