Citadel Capital Receives $112mn Offer to Buy Stake in Sphinx Glass

Big 5

Citadel Capital (CCAP.CA) announced on Tuesday it has received a US$112 million offer to acquire all Sphinx Glass company shares. Citadel Capital owns 73.3% of the company which would make its share from this deal after taxes worth US$ 73 million.

The company added that the due diligence examination was conducted by the buyer and that the company expects the deal to be completed within 2 months.

Citadel capital announced in January that it will “aggressively” sell assets in “Non-core” industries after it completes the capital increase in a step towards transforming the company into an investment company.

The company earlier announced plans to shed non-core assets and focus on energy, transport, agrifoods, mining and cement.