04:04 PM EST - Finning International Inc. : announced that it has sold Hewden, its U.K. equipment rental business, for gross proceeds of GBP 110.2 million or about $171 million to an affiliate of Sun European Partners, LLP, the European adviser to Sun Capital Partners, Inc. The sale was completed today and the consideration comprises cash of GBP 90.2 million, an interest bearing five-year loan note receivable of GBP 20 million and a 5% equity warrant subject to certain conditions being met. Finning said that it will use the proceeds primarily to reduce debt. Finning International Inc.
shares T.FTT are trading down $0.26 at $18.87.
