Brief: Kingspan Announces Acquisition Of Majority Stake In Steico SE

Kingspan

17/07/2023 21:58

July 17 (Reuters) - Kingspan Group PLC  KSP.I :
    * KINGSPAN GROUP PLC ("KINGSPAN") ANNOUNCES THE ACQUISITION
OF A
MAJORITY STAKE IN STEICO SE
    * KINGSPAN GROUP PLC -  ENTERED INTO AN AGREEMENT WITH
SCHRAMEK
GMBH ("SCHRAMEK") TO ACQUIRE C.51% OF SHARES OF STEICO SE
    * KINGSPAN GROUP PLC - PROPOSED DEAL FOR INITIAL
CONSIDERATION FOR
SHARES WILL BE EUR35 PER SHARE
    * KINGSPAN GROUP PLC - ACQUISITION IS EXPECTED TO BE
EARNINGS
NEUTRAL INITIALLY, BASED ON KINGSPAN CONSENSUS EPS FOR 2023 AND
STEICO GUIDANCE FOR 2023
    * KINGSPAN GROUP PLC -  AGREEMENT INCLUDES AN OPTION TO
ACQUIRE A
FURTHER C.10% OF SHARES IN STEICO IN FUTURE
    * KINGSPAN GROUP PLC - FOLLOWING COMPLETION, STEICO WILL
CONTINUE
TO MAINTAIN ITS LISTINGS ON GERMAN STOCK EXCHANGES
    * KINGSPAN GROUP PLC - EXISTING STEICO EXECUTIVE MANAGEMENT
TEAM
WILL BE RETAINED IN BUSINESS, AND WILL CONTINUE TO MANAGE AND
DEVELOP BUSINESS
    * KINGSPAN GROUP PLC - UPON DEAL CLOSING, CO WILL SEEK FAIR
REPRESENTATION ON STEICO'S ADMINISTRATIVE BOARD
    * KINGSPAN-INITIAL CONSIDERATION OF ABOUT EUR251.4M TO BE
SATISFIED ON COMPLETION, WITH 25% OF CONSIDERATION BEING
EXCHANGED FOR NEW SHARES IN CO

Source text for Eikon:  ID:nPreYrjDTa 
Further company coverage:  KSP.I 

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