Harsco to sell infrastructure business to Clayton, Dubilier & Rice
Sept 16 (Reuters) - Engineering company Harsco Corp said it would sell its infrastructure business for $300 million to private equity firm Clayton, Dubilier & Rice.
Harsco's stock was up 5 percent at $26.33 on the New York Stock Exchange on Monday morning.
The company said its infrastructure division would be merged with Brand Energy & Infrastructure Services Inc, a company that Clayton, Dubilier & Rice is buying from private equity firm First Reserve.
Harsco will get a 29 percent stake in the combined company, which will have an enterprise value of about $2.5 billion, the company said.