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Essent To Shortlist Bidders For Milieu Unit In Days -Sources

By Marietta Cauchi, Carol Dean and Robin Van Daalen Of DOW JONES NEWSWIRES LONDON -(Dow Jones)- Dutch energy company Essent NV is set to shortlist bidders for Essent Milieu, its waste management business, within days, people familiar with the situation told Dow Jones Newswires Monday. While several private equity firms, including CVC Capital Partners, Montagu Private Equity and Doughty Hanson, have dropped out of the process, London-based BC Partners remains interested, people said. Buyout shops, trade buyers and infrastructure funds have all taken a look at the business but a number failed to submit first-round bids, illustrating the continuing disconnect between what sellers want and what buyers, of all sorts, are prepared to pay. The unit is likely to be valued at around EUR1 billion and Essent's advisors, ING and Credit Suisse, are arranging a soft staple financing of around EUR400 million-EUR500 million, other people have told Dow Jones Newswires. A report earlier Monday said the staple financing, which is made up of EUR392.5 million in senior debt and EUR150 million of mezzanine debt, is nearly complete. Global Infrastructure Partners, or GIP, is also in the process, one person said. It is unclear whether infrastructure funds owned by Fortis NV (FORB.BT) and NIBC have submitted bids. Meanwhile French energy services group Veolia Environnement (VE) ruled itself out of a bid for Essent Milieu earlier this month. Other trade buyers are French GDF Suez (GSZ.FR), U.S. Covanta Holding Corp. (CVA) and Wheelabrator were also interested but it is unclear whether they have submitted bids. Earlier this year the lion's share of Essent's activities was sold to German utilities company RWE AG (RWE.XE) for EUR9.3 billion. This excluded Essent's power grids business and its waste-management unit, Essent Milieu. -By Marietta Cauchi, Carol Dean and Robin van Daalen, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowjones.com

Stock News for Essex Property (ESS)
DateTimeHeadline
04/27/201503:22:32Essex Property Trust Upgraded at Jefferies Group (ESS)
04/24/201517:19:24Essex Property Trust Receives "Overweight" Rating from Morgan...
04/20/201513:26:24Barclays Cuts Essex Property Trust Price Target to $222.00 (ESS)
04/09/201510:30:43Home Properties and Mid-America are Janney's two apartment picks
07/01/201416:22:11Essex Announces Release and Conference Call Dates for Its 2014...
06/11/201416:01:00Essex Announces Its 20th Consecutive Annual Dividend Increase
05/29/201416:48:56Essex Property Trust to Present at 2014 NAREIT Investor Forum
05/07/201416:21:01Essex Announces First Quarter 2014 Results

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