Nexus Infrastructure has sold its utility services business and its EV charging infrastructure arm for nearly £78 million.
by Rory Butler / January 31, 2023
FWCP Spark (UK) bought TriConnex and eSmart Networks from the engineering services firm for £77.7 million cash, subject to conditions.
Nexus shareholders agreed the sale during a recent general meeting of the company.
The disposal is expected to complete on 3 February.
Braintree-based TriConnex provides electricity, water, gas, fibre and EV charging points to the residential market.
eSmart Networks, also in Braintree, offers civil engineering services alongside its electrical installation capabilities.
Following the deal, Nexus said it intends to return approximately £65 million to shareholders by way of a tender offer.
“Nexus Infrastructure plc is pleased to announce…the conditional disposal of TriConnex and eSmart Networks to FWCP Spark (UK) Holdco Limited for a total cash consideration of £77.7m,” wrote Nexus.
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