Icahn Enterprises To Sell PSC Metals For ~$290M

Icahn Enterprises LP 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.