Jackson Energy is selling off its energy stocks
The Kansas City Royals are looking to sell off its assets to make way for a new energy company, including its nuclear energy assets.
Sources: Bloomberg, CNBC, Fortune, NBC News article Jackson Power is the newest energy company to enter the Kansas City market.
The deal would give the new company access to its uranium mining, power generation and nuclear plants, according to people familiar with the deal.
Jackson has about $7.2 billion in assets.
It is the third energy company Jackson and other energy companies have sold since 2015, when the energy market collapsed.
Jacksons shares fell 9 percent after the announcement on Monday.
The company is expected to raise money in a deal with Bank of America Corp. to buy more of its uranium and other assets, people familiar have said.
The deal would not be complete before the end of the year.
The company has been struggling in the market.
Its stock price has declined to as low as $1.80 a share on Monday, down almost 7 percent from the $6.90 a share price at the start of the week.
Last week, Jacksson Energy said it would shut down the company’s mines in Kansas, Missouri and Arkansas.