Brief: Cint Group AB (Publ) To Acquire Lucid, Intends To Raise Equity And Has Secured Debt Financing

Cint AB (publ)

27/10/2021 17:56

Oct 27 (Reuters) - Cint Group AB (publ)  CINT.ST :
    * TO ACQUIRE LUCID, INTENDS TO RAISE EQUITY AND HAS SECURED
DEBT
FINANCING
    * ENTERED INTO AN AGREEMENT WITH SHAREHOLDERS OF LUCID
HOLDINGS
LLC ("LUCID") TO ACQUIRE 100 PERCENT OF STOCK IN LUCID
    * CINT GROUP AB -  EXPECTS RUN-RATE SYNERGIES FROM
TRANSACTION OF
ABOUT EUR 40 MILLION TO BE FULLY IMPLEMENTED WITHIN 24 MONTHS
FROM CLOSING OF TRANSACTION
    * TRANSACTION IS OF A TRANSFORMATIONAL NATURE FOR CINT
    * CONSIDERATION FOR 100 PERCENT OF SHARES IN LUCID ON A
CASH- AND
DEBT- FREE BASIS AMOUNTS TO APPROXIMATELY USD 1,070 MILLION
    * IN ADDITION, CINT HAS SECURED USD 120 MILLION OF DEBT
FINANCING
    * APPROXIMATELY USD 580 MILLION OF CONSIDERATION WILL BE
PAID IN
CASH
    * ABOUT USD 470 MILLION IS PAYABLE IN NEWLY ISSUED CINT
SHARES
    * SHAREHOLDERS OF LUCID WILL TOGETHER HOLD ABOUT 17 % OF
TOTAL
NUMBER OF OUTSTANDING SHARES AND VOTES IN CINT
    * CINT GROUP AB -  CASH CONSIDERATION WILL BE FINANCED
THROUGH
CAPITAL RAISED VIA NEWLY SECURED $120 MILLION DEBT FINANCING AND
FROM DIRECTED SHARE ISSUE
    * CURRENT CINT CEO TOM BUEHLMANN WILL REMAIN CEO OF COMBINED
ORGANIZATION
    * CLOSING OF TRANSACTION IS EXPECTED TO OCCUR BY END OF 2021
    * FOR FY 2021, CINT ESTIMATES THAT LUCID WILL CONTRIBUTE PRO
FORMA
NET SALES OF USD 124 MILLION
    * FOR THE FULL YEAR 2021, CINT ESTIMATES THAT LUCID WILL
CONTRIBUTE PRO FORMA ADJUSTED EBITDA OF USD 13 MILLION

Source text for Eikon:  ID: 
Further company coverage:  CINT.ST 

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