Brief: CERF acquires Zedcor Oilfield Rentals for about C$21 mln

Zedcor

02/02/2016 17:37

Feb 2 (Reuters) - CERF Inc  CFL.V : 
 
  * Announces strategic acquisition of Zedcor Oilfield Rentals Ltd. and shift in corporate strategy from yield to growth 
  * Deal for about C$21 million 
  * Transaction is expected to be accretive to CERF shareholders on a 2016 cash flow per share basis 
  * Says management estimates annual operational and general and administrative cost saving synergies to be in excess of $1,200,000 
  * Says transaction will be leverage neutral to CERF's balance sheet in 2016 
  * CERF's board of directors have suspended the company's quarterly dividend until further notice 
  * Says as part of deal, CERF's lending syndicate has agreed to increase maximum senior net debt/EBITDA ratio to 4.25x for Q1 
 
  * Source text for Eikon  ID:nCCNwYmbm  
 
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