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Noble agrees to US$1.05B sale of US energy business to Calpine

Noble Group Ltd. agreed to sell its Noble Americas Energy Solutions LLC unit to Calpine Corp. for US$800 million plus an estimated US$100 million of net working capital, according to separate statements.

The sale also includes the repayment of working capital, estimated at an additional US$248 million.

Calpine said it expects to recover about US$200 million through collateral synergies and the runoff of acquired legacy hedges within the first year, resulting in expected net cash deployed of approximately US$700 million.

Meanwhile, the divestment relieves Noble of about US$275 million in letters of credit and surety bonds, which will be available to the group as an additional working capital.

Until the transaction closes, which is expected in December, Noble will be entitled to the operating cash flow of the Noble Americas Energy Solutions unit.

"The sale of NAES substantially completes the [US$2] billion capital raising initiative that we announced in June," said Noble's co-CEOs, Jeff Frase and Will Randall.

With this divestment, the group will continue to reduce debt while also funding growth opportunities in the high return businesses.