Brief: Latecoere Acquires Avcorp For About $32.2 Million

Latecoere SA

05/05/2022 07:09

May 5 (Reuters) - Latecoere SA  LAEP.PA :
    * LATÉCOÈRE TO INCREASE ITS EXPOSURE TO NORTH AMERICAN
DEFENCE AND
COMMERCIAL AIRCRAFT SEGMENTS THROUGH ACQUISITION OF AVCORP
    * ACQUISITION OF AVCORP IS PART OF LATÉCOÈRE'S 2025 ROADMAP
TO
ACHIEVE PROFITABLE GROWTH AS AN ACTIVE CONSOLIDATOR OF
AERONAUTICS INDUSTRY
    * TO ACQUIRE ALL OF ISSUED AND OUTSTANDING COMMON SHARES OF
AVCORP
FOR CAD$0.11 IN CASH PER AVCORP SHARE
    * CONSIDERATION REFLECTS A 16% PREMIUM TO CLOSING PRICE OF
AVCORP
SHARES ON TORONTO STOCK EXCHANGE ( "TSX") OF CAD$0.095 ON 4 MAY,
2022
    * CONSIDERATION REFLECTS 38% PREMIUM TO WEIGHTED AVERAGE
TRADING
PRICE OF AVCORP SHARES ON TSX OF CAD$0.080 FOR 90 TRADING DAYS
ENDED ON 4 MAY, 2022
    * PURCHASER WILL PAY A TOTAL OF APPROXIMATELY CAD$ 41
MILLION($32.24 MILLION) FOR AVCORP SHARES
    * ACQUISITION IS FULLY FINANCED WITH GROUP CASH ON HAND
    * TRANSACTION IS EXPECTED TO CLOSE IN Q3 2022

Source text for Eikon:  urn:newsml:reuters.com:*:nBwFhDr0a
Further company coverage:  LAEP.PA 


($1 = 1.2719 Canadian dollars)

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