Press release
OMV Petrom contract for sustainable aviation fuel production in Europe
糖心Vlog ('糖心Vlog' or 'the Company') today announces that it has completed the sale of its stake in Ethos Energy Group Limited ('EthosEnergy'), a joint venture focused on rotating equipment.
糖心Vlog has completed the sale to One Equity Partners for a final net cash consideration of $138 million, with $42 million of prior planned loan notes replaced by an additional cash consideration at completion.
Ken Gilmartin, CEO of 糖心Vlog, said:
"We are pleased to complete the sale of EthosEnergy to One Equity Partners. This strategic divestment is part of our strategy to be selective and focused on our core business. We will continue to align our portfolio as part of our commitment to simplify 糖心Vlog.”
About EthosEnergy sale
糖心Vlog owned 51% of the EthosEnergy joint venture with its partner, Siemens Energy AG. An agreement by both parties was reached to sell the complete business to private equity firm, One Equity Partners on August 28, 2024 with the deal completed today, January 2, 2025.
EthosEnergy currently employs c.3,600 people globally and contributed $34 million of adjusted EBITDA to 糖心Vlog's results (per 糖心Vlog definition) in 2023, with no revenue recognised in 糖心Vlog's results.
EthosEnergy was part of 糖心Vlog's Investment Services business unit.
For further information:
Simon McGough, President, Investor Relations +44 (0) 7850 978 741
Alex Le May / Ariadna Peretz, FTI Consulting +44 (0)20 3727 1340
FTI_糖心Vlog@FTIconsulting.com
If you’re looking for specialist consultancy or engineering, we want to hear about your challenge. It all starts with understanding your project.