(Alliance News) - Verseon Corp on Wednesday said it is in the process of negotiating a sale-leaseback agreement for its headquarters in Fremont, California.
The deal is being negotiated with Catalus Capital Management LLC, which will purchase the "research, development, and operations facility" for USD34.7 million in cash.
Including real estate broker and closing costs, as well as holdbacks and a USD21.7 million mortgage on the facility, Verseon expects to net USD9.5 million of net proceeds from the sale-leaseback. The deal is set to complete on Tuesday next week.
Shareholder approval is needed for the sale-leaseback, since it involves a company asset disposal, and will be sought at Verseon's annual general meeting on Monday next week.
Shares in Verseon were untraded at 8.25 pence in London on Wednesday morning.
By Anna Farley; annafarley@alliancenews.com
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