Brief: First Advantage To Buy Sterling Check In $2.2 Bln Deal

First Advantage

29/02/2024 11:15

Feb 29 (Reuters) - First Advantage Corp  FA.O :
    * FIRST ADVANTAGE TO ACQUIRE STERLING CHECK CORP. FOR $2.2
BILLION
IN CASH AND STOCK
    * STERLING CHECK CORP: EXPECT FIRST ADVANTAGE TO CONTINUE
COMPOUNDING EPS AT A TEENS GROWTH RATE OVER TIME THROUGH A
COMBINATION OF TOPLINE GROWTH
    * STERLING CHECK CORP: TRANSACTION IS EXPECTED TO DELIVER
DOUBLE-DIGIT EPS ACCRETION ON A RUN-RATE SYNERGY BASIS
    * STERLING CHECK CORP: FIRST ADVANTAGE INTENDS TO FUND CASH
PORTION OF TRANSACTION
    * STERLING CHECK CORP: STERLING SHAREHOLDERS WILL ELECT TO
RECEIVE
EITHER $16.73 IN CASH OR 0.979 SHARES OF FIRST ADVANTAGE COMMON
STOCK
    * STERLING CHECK CORP: FIRST ADVANTAGE TO RETIRE EXISTING
STERLING
DEBT THROUGH ISSUANCE OF $1.8 BILLION OF NEW DEBT AND USE OF
BALANCE SHEET CASH
    * STERLING CHECK CORP: TRANSACTION IS EXPECTED TO DELIVER AT
LEAST
$50 MILLION IN RUN-RATE SYNERGIES

Source text for Eikon:  ID:nGNX7SwdYF 
Further company coverage:  FA.O 

 ((Reuters.Briefs@thomsonreuters.com;))