Benzinga | Oct 29, 2021 03:50PM EDT

Icahn Enterprises To Sell PSC Metals For ~$290M

* Icahn Enterprises LP (NASDAQ: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.