Icahn Enterprises To Sell PSC Metals For ~$290M

  • Icahn Enterprises LP IEP subsidiary, American Entertainment Properties Corp., has agreed to sell 100% of the equity interests in PSC Metals, LLC to SA Recycling LLC, for total consideration of ~$290 million, including debt.
  • As of June 30, 2021, Icahn Enterprises had carried PSC Metals on its balance sheet at a value of $141 million. Icahn Enterprises acquired its interest in PSC Metals in 2007.
  • Icahn Enterprises has retained ownership of a strategic parcel of land previously owned by PSC Metals and, in connection with the transaction, will lease this land to SA Recycling.
  • "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," commented Carl C. Icahn, Chairman of Icahn Enterprises.
  • Icahn Enterprises expects to close the transaction by the end of 2021.
  • Price Action: IEP shares are trading lower by 0.52% at $57.48 on the last check Friday.

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