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SYDNEY: February 25, 2019. Brambles is to sell its IFCO reusable plastic containers (RPC) business to Triton and Luxinva (a wholly-owned subsidiary of the Abu Dhabi Investment Authority) for an enterprise value of US$2.51 billion.

The transaction is subject to customary regulatory approvals and is expected to be completed during the second quarter of this year.

IFCOBrambles' chairman Stephen Johns said: "In August 2018, we announced that we would seek to separate IFCO through either a demerger or a sale by way of a dual track process. As well as progressing the demerger option, a robust and competitive sale process generated strong interest. We are pleased today to announce the sale of IFCO which we believe delivers greater value for shareholders, including a significant return of cash proceeds to shareholders.

“The IFCO team has been an important and valued part of the Brambles business, and on behalf of the Board I’d like to thank them for their contribution over the past eight years. The interest shown in IFCO during the separation process is testimony to how highly appreciated the IFCO business is, and we wish Wolfgang Orgeldinger and his team every success in the future,” Stephen continued.

Company CEO Graham Chipchase added: "Our ambition remains to lead the platform pooling industry in customer service, innovation and sustainability”.

In FY18, IFCO generated revenues of US$1.1 billion, EBITDA of US$248 million and an underlying profit of US$133 million. Brambles expects to receive approximately US$2.36 billion of net cash  from the transaction and intends to return up to US$1.95 billion to shareholders, through a combination of a pro-rata return of cash of approximately US$300 million and an on-market share buy-back of up to US$1.65 billion.

 

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