ENERGYSOLUTIONS STOCKHOLDERS APPROVE SALE TO ECP

EnergySolutions may now look forward to an infusion of cash that will allow it to balance its books and approach future decommissioning projects with a different strategy after its shareholders voted April 26 to sell their shares of the company to Energy Capital Partners, a firm with roughly $7 billion in capital. The deal, approved for $4.15 per share, looked tenuous in the weeks leading up to the vote, with many shareholders believing the per-share cost undervalued EnergySolutions. But, in the end, dire warnings from EnergySolutions executives about the company’s dismal prospects as a standalone entity moving forward, as well as ECP’s last-minute agreement to raise the bid price from $3.75 per share, solidified the majority of votes needed. "We are extremely pleased to have stockholder support for the merger with ECP," David Lockwood, CEO and president of EnergySolutions, said in a statement April 26. EnergySolutions noted in a statement that ECP’s acquisition remains subject to remaining closing conditions, including approval by the Nuclear Regulatory Commission. “We expect to receive regulatory approval from the Nuclear Regulatory Commission later this quarter,” Lockwood said.