Superior Plus up on $771 mln deal to acquire Certarus

Superior Plus

22/12/2022 16:24

** Superior Plus Corp's shares  SPB.TO  up 4% at C$10.19 -
biggest pct gain in over a month
    ** SPB will acquire Certarus Ltd for C$1.05 billion ($770.87
million) including debt, adding low-carbon fuels to Superior's
portfolio.
    ** Certarus operates mobile storage units to bring green
fuels including renewable natural gas and hydrogen to customers
who want to transition away from diesel and other distillates
    ** SPB now expects to hit the lower end of its target of
C$700 mln to C$740 mln in EBITDA from operations by 2024, two
years ahead of schedule - SPB CEO
    ** Certarus shareholders will own about 17% of the combined
company as they will receive C$353 mln in cash and C$500 mln of
SPB common shares at C$10.25/shr
    ** Deal is expected to close in the first quarter of 2023
    ** Accounting for session gains, SPB stock down 22% YTD
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))