Brief: Cott Announces The Acquisition Of Primo Water Corp

Primo Water

13/01/2020 12:39

Jan 13 (Reuters) - Cott Corp  BCB.TO :
    * COTT ANNOUNCES THE ACQUISITION OF PRIMO WATER CORPORATION
AND
CONTINUES ITS TRANSITION INTO A PURE-PLAY WATER SOLUTIONS
PROVIDER
    * COTT CORP - WILL ACQUIRE PRIMO WATER CORPORATION FOR
$14.00 PER
SHARE PAYABLE IN CASH AND STOCK
    * COTT - TRANSACTION VALUES PRIMO AT APPROXIMATELY $775
MILLION
    * COTT - BILLY D. PRIM AND SUSAN E. CATES, CURRENT MEMBERS
OF
PRIMO'S BOARD, WILL JOIN COTT'S BOARD FOLLOWING CLOSING
    * COTT - TO PAY ABOUT $216 MILLION IN CASH TO PRIMO
STOCKHOLDERS,
FUNDED WITH PROCEEDS OF NEW TERM DEBT ISSUANCE/ PROCEEDS FROM
SALE OF S&D COFFEE AND TEA
    * COTT CORP - HAS OBTAINED FINANCING COMMITMENTS OF UP TO
$400
MILLION FROM AFFILIATE OF DEUTSCHE BANK SECURITIES
    * COTT CORP - EXPECT DEAL WILL INCREASE REVENUE GROWTH &
EBITDA
MARGINS, BE ACCRETIVE TO EARNINGS PER SHARE & DELIVER CASH ON
CASH IRR ABOVE COST OF CAPITAL
    * COTT CORP - UNDER MERGER AGREEMENT, CO TO ISSUE ABOUT 26.8
MILLION NEW SHARES TO PRIMO STOCKHOLDERS

Source text for Eikon:  ID:nGNXbbTtgg 
Further company coverage:  PRMW.O 

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