July 24, 2012 / 11:01 AM / 7 years ago

Barclays sells carbon project developer Tricorona

A logo of Barclays bank is seen outside a branch in Altrincham, northern England April 26, 2012. REUTERS/Phil Noble

LONDON (Reuters) - Barclays BARCR.UL has sold Sweden-based carbon project developer Tricorona back to the company’s management, the UK-headquartered investment bank said on Tuesday, two years after it bought the firm for $159 million.

“Barclays confirms it has sold its equity interest in Tricorona to management,” a spokeswoman told Reuters Point Carbon via email.

Neither party would provide further details including the value or date of the deal, but an unsourced report from Sweden-based consultancy Arctos Corporate Finance said Barclays sold 90.4 percent of Tricorona shares back to management.

Barclays bought Tricorona in July 2010 for around $159 million, representing a 40 percent premium over the company’s shares before deal was announced.

Back then, the U.N.-backed carbon credits Tricorona originates and sells were priced around 13 euros each, a far cry from the record low of 2.82 euros plumbed by benchmark futures last week.

Reporting by Susanna Twidale and Stian Reklev

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