Blank-check firm Admiral to buy North America's Acuren in $1.85 bln deal (updated)
22/05/2024 07:35
(Adds details in paragraphs 2-3, background in paragraphs 4-6)
May 22 (Reuters) - Admiral Acquisition ADMR.L will buy
North American engineering and lab-testing services provider
Acuren in a $1.85 billion deal, the blank-check company
co-founded by dealmaker Martin E. Franklin said on Wednesday.
The deal, which is expected to close in the third quarter of
2024, will also see Admiral move its listing to New York and
cancel trading on the London Stock Exchange, the company said.
Acuren provides mission-critical, regulatorily mandated,
non-destructive testing, inspection, engineering and lab testing
services across a variety of industries.
Admiral raised $550 million in an initial public offering
(IPO) last year, at a time when the popularity of blank-check
firms, also known as special purpose acquisition companies
(SPACs) had lost lustre.
Franklin is known as a pioneer in the world of SPACs, having
launched several such vehicles, including J2 Acquisition, which
raised $1.25 billion in a London IPO in 2017.
The U.S.-listing comes as an increasing number of companies
are moving away from European listings in favour of U.S.
markets, where valuations can be higher. London, particularly,
faces questions around its attractiveness for IPOs, following a
series of high-profile defections by locally listed or British
companies to New York.
(Reporting by Eva Mathews in Bengaluru; Editing by Janane
Venkatraman
)
((Eva.Mathews@thomsonreuters.com;))