Brief: Orora Announces Acquisition Of Saverglass And Associated Equity Raising

Orora

05/09/2023 01:03

Sept 5 (Reuters) - Orora Ltd  ORA.AX :
    * ACQUISITION OF SAVERGLASS AND ASSOCIATED EQUITY RAISING
    * ACQUISITION OF SAVERGLASS AND ASSOCIATED EQUITY RAISING
    * ENTERED INTO ARRANGEMENTS TO ACQUIRE 100% OF SAVERGLASS
SAS FOR
AN ENTERPRISE VALUE OF EUR 1,290 MILLION
    * ACQUISITION FOR AN ENTERPRISE VALUE OF EUR 1,290 MILLION
    * ACQUISITION WILL BE FUNDED VIA A FULLY UNDERWRITTEN EQUITY
RAISING OF APPROXIMATELY A$1,345 MILLION
    * EQUITY RAISING OF A$450 MILLION INSTITUTIONAL PLACEMENT
AND A
A$895 MILLION 1-FOR-2.55 ACCELERATED NON-RENOUNCEABLE PRO RATA
ENTITLEMENT OFFER
    * ACQUISITION IS EXPECTED TO BE MID-SINGLE DIGIT EARNINGS
PER
SHARE ACCRETIVE IN FIRST FULL FINANCIAL YEAR OF OWNERSHIP
    * COMPLETION OF ACQUISITION IS EXPECTED TO OCCUR IN LAST
QUARTER
OF CY2023.
    * SAVERGLASS WILL OPERATE AS A THIRD PLATFORM FOR GROWTH IN
ORORA
    * ORORA AND VENDORS OF OLYMPE SAS HAVE ENTERED INTO A PUT
OPTION
AGREEMENT
    * ACQUISITION FUNDING TO RESULT IN LEVERAGE OF 2.50X PRO
FORMA
FY23 UNDERLYING EBITDA WITHIN ORORA'S STATED RANGE
    * PUT OPTION AGREEMENT PROVIDES VENDORS OPTION TO SELL
SHARES IN
OLYMPE SAS TO ORORA
    * ACQUISITION WILL ALSO BE FUNDED VIA A$875 MILLION OF
ACQUISITION
DEBT FINANCING

Source text for Eikon:  ID:nASX50s9Np 
Further company coverage:  ORA.AX 

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