June 23, 2014 / 10:49 AM / in 3 years

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

June 23 (Reuters) - SNC-Lavalin Group :

* 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:

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