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Acquisition   A maintenance and modification contractor

Chicago Bridge & Iron to sell its Capital Services business for $755m

Chicago Bridge & IronChicago Bridge & Iron (CB&I) announced it has entered into a definitive agreement to sell its Capital Services business to an affiliate of private equity investment firm Veritas Capital for $755 million in cash.

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READ MORE Chicago Bridge & Iron sells Capital Services to Veritas Capital for $700 million

E. Chip Ray, executive vice president of CB&I's Capital Services operating group, will continue to lead the business under Veritas Capital.

As a result of the sale, CB&I will recognize a pre-tax non-cash goodwill impairment charge of approximately $655 million in the fourth quarter of 2016. The transaction is expected to close in the second quarter of 2017.

CB&I's Capital Services business provides services as a maintenance and modification contractor for the nuclear power industry, industrial maintenance industry and federal, state and local governments in the areas of operations and maintenance support services, environmental engineering and remediation, infrastructure engineering, procurement, construction, decommissioning, program management for disaster response, and recovery for private-sector customers and governments.

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