SUNNY ISLES BEACH, Fla.,
Oct. 29, 2021 /PRNewswire/ -- Icahn
Enterprises L.P. (NASDAQ: IEP) ("Icahn Enterprises") announced
today that its wholly-owned subsidiary, American Entertainment
Properties Corp., has entered into a definitive agreement to sell
100% of the equity interests in PSC Metals, LLC to SA Recycling
LLC, for total consideration of approximately $290 million (including indebtedness that will be
repaid at closing, and subject to a customary working capital
adjustment). As of June 30, 2021,
Icahn Enterprises had carried PSC Metals on its balance sheet at a
value of $141 million. Icahn
Enterprises has retained ownership of a strategic parcel of land
previously owned by PSC Metals that is located near downtown
Nashville and Nissan Stadium, and
in connection with the transaction will lease this land to SA
Recycling.
Carl C. Icahn, Chairman of Icahn
Enterprises, stated: "Icahn Enterprises acquired its interest in
PSC Metals in 2007. Even under challenging circumstances created by
volatile commodity markets over the past several years, we executed
our activist playbook with this investment – significantly
increasing EBITDA. Given the cyclical nature of the company's
industry, we believe today's transaction is appropriately timed and
provides a very positive outcome for IEP unitholders."
The transaction is expected to close by the end of 2021, subject
to receiving applicable regulatory approvals, and to the
satisfaction of other customary closing conditions. The transaction
is not subject to due diligence or financing conditions.
About Icahn Enterprises L.P.
Icahn Enterprises, a master limited partnership, is a
diversified holding company engaged in eight primary business
segments: Investment, Energy, Automotive, Food Packaging, Metals,
Real Estate, Home Fashion and Pharma.
Caution Concerning Forward-Looking Statements
This release may contain certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, many of which are beyond our ability to control or
predict. Forward-looking statements may be identified by words such
as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates," "will" or words of similar meaning and
include, but are not limited to, statements about the expected
future business and financial performance of Icahn Enterprises L.P.
and its subsidiaries and the completion of the transaction and its
outcome. Actual events, results and outcomes may differ materially
from our expectations due to a variety of known and unknown risks,
uncertainties and other factors, including risks related to
economic downturns, substantial competition and rising operating
costs; risks related to the severity, magnitude and duration of the
COVID-19 pandemic and its impact on the global economy, financial
markets and industries in which our subsidiaries operate; risks
related to our investment activities, including the nature of the
investments made by the private funds in which we invest, declines
in the fair value of our investments as a result of the COVID-19
pandemic, losses in the private funds and loss of key employees;
risks related to our ability to continue to conduct our activities
in a manner so as to not be deemed an investment company under the
Investment Company Act of 1940, as amended; risks related to our
energy business, including the volatility and availability of crude
oil, declines in global demand for crude oil, refined products and
liquid transportation fuels as a result of the COVID-19 pandemic,
other feed stocks and refined products, unfavorable refining margin
(crack spread), interrupted access to pipelines, significant
fluctuations in nitrogen fertilizer demand in the agricultural
industry and seasonality of results; risks related to our
automotive activities and exposure to adverse conditions in the
automotive industry, including as a result of the COVID-19
pandemic; risks related to our food packaging activities, including
competition from better capitalized competitors, inability of
suppliers to timely deliver raw materials, and the failure to
effectively respond to industry changes in casings technology;
risks related to our scrap metals activities, including potential
environmental exposure; risks related to our real estate
activities, including the extent of any tenant bankruptcies and
insolvencies; risks related to our home fashion operations,
including changes in the availability and price of raw materials,
and changes in transportation costs and delivery times; and other
risks and uncertainties detailed from time to time in our filings
with the Securities and Exchange Commission. Past performance in
our Investment segment is not indicative of future performance. We
undertake no obligation to publicly update or review any
forward-looking information, whether as a result of new
information, future developments or otherwise.
Investor Contact:
David
Willetts
Chief Financial Officer
(305) 422-4100
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SOURCE Icahn Enterprises L.P.