Brief: Elanders To Buy Almost 90% Of Shares In Uk-Based Bishopsgate

Elanders AB

02/02/2024 07:07

Feb 2 (Reuters) - Elanders AB  ELANb.ST :
    * ELANDERS MAKES A NEW ACQUISITION AND FURTHER STRENGTHENS
ITS
MARKET POSITION IN LIFE CYCLE MANAGEMENT IN THE UK
    * COMPANY HAS AROUND 250 EMPLOYEES AND HAD SALES OF GBP 27
MILLION
DURING LAST TWELVE MONTHS WITH VERY GOOD PROFITABILITY.
    * SIGNED AN AGREEMENT TO ACQUIRE ALMOST 90 PERCENT OF SHARES
IN
ENGLISH COMPANY BISHOPSGATE
    * AT TIME OF ACQUISITION, BISHOPSGATE WAS VALUED AT GBP 47.5
MILLION ON A CASH- AND DEBT-FREE BASIS
    * WILL INITIALLY ACQUIRE 88.5 PERCENT OF SHARES
    * INITIAL PURCHASE PRICE WILL HAVE A NEGATIVE IMPACT ON CASH
FLOW
IN Q1 OF 2024
    * BISHOPSGATE WILL BE PART OF BUSINESS AREA SUPPLY CHAIN
SOLUTIONS
    * BISHOPSGATE WILL BE CONSOLIDATED INTO ELANDERS GROUP AS OF
FEBRUARY 2024.
    * ACQUISITION WILL BE FINANCED IN PART BY AN ACQUISITION
LOAN OF
GBP 115 MILLION

Source text for Eikon:  ID:nGNE89RNcb 
Further company coverage:  ELANb.ST 

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