Singapore-listed commodities trader Noble Group has agreed to sell its Americas-focused oil trading business, Noble Americas Corp., to Vitol U.S. Holding Co. as part of a debt-cutting strategy, and after its $1.2 billion third-quarter net loss.
In a statement on Monday, Noble said the gross consideration of the sale would be $1.4 billion and after deducting indebtedness of about $836 million, the cash proceeds would be approximately $580 million
“The operating environment continues to be challenging for the group and this impacted performance in third quarter 2017,” Noble said.
In July, it agreed to sell its smaller North American gas and power business to Mercuria for $248 million.
