June 23, 2014 / 10:49 AM / 4 years ago

BRIEF-Canada's SNC-Lavalin Group to buy London-listed Kentz for 1.16 bln stg

* Offer for Kentz Corporation Ltd

* Agreement has been reached on terms of a recommended cash acquisition by which entire issued and to be issued ordinary share capital of Kentz will be acquired by SNC-Lavalin (GB)

* It is intended that acquisition will be implemented by means of a court-sanctioned scheme of arrangement under article 125 of companies law.

* Offer value of 935 pence per scheme share represents a premium of

* Acquisition values Kentz’s existing issued and to be issued ordinary share capital at approximately £1,164 million

* Acquisition is expected to be earnings accretive by end of first full financial year after effective date and to deliver strong financial benefits

* Estimated annual cost synergies of approximately cad $50 million for same period, such synergies to include elimination of Kentz’s corporate and listing costs as well as operational synergies

* Cash consideration payable by SNC-Lavalin under terms of acquisition will be financed through a combination of SNC-Lavalin’s existing cash balances and new credit facilities Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below