版本:
中国

BRIEF-NKT to split into two companies, to buy ABB's high-voltage cables business

Sept 21 NKT Holding A/S :

* To split NKT Holding into two listed companies following acquisition of ABB's high-voltage cables business (ABB HV Cables)

* NKT Cables entered into purchase agreement to acquire ABB HV Cables, wholly owned business of ABB group, at enterprise value of 712 million euros (5.3 billion Danish crowns)

* Including ABB HV Cables' committed investment in a new cable-laying vessel of 124 million euros, total enterprise value amounts to 836 million euros (6.2 billion crowns)

* To secure future co-operation, NKT Cables and ABB group have signed long-term strategic partnership

* Full impact of annual synergies of about 30 million euros ($33.38 million) is expected by end-2018

* Total integration costs are expected to be a total of 35 million - 40 million euros by end-2018

* Implied EV/EBITDA transaction multiples: 9.0x EBITDA average 2014-2016 (expected), corresponding to 6.5x EBITDA (incl. run-rate synergies) average 2014-2016 (expected)

* Closing is expected in Q1 2017

* NKT group pro forma net interest-bearing debt/operational EBITDA is estimated to be about 3.0x at closing of acquisition with expected subsequent strong deleverage within 12 months

* As result of transaction and intended subsequent split, no dividend is paid out for financial year 2016

* Assuming that acquisition of ABB HV Cables will be completed after Dec. 31, it does not impact NKT's 2016 outlook of consolidated flat organic growth and operational EBITDA margin

* Prior to intended split, expects to raise new equity of amount of up to 9.99 pct of company's share capital, combined with sale of treasury shares

* Proceeds will be used to partly repay financing of acquisition of ABB HV Cables Source text for Eikon: Further company coverage: ($1 = 0.8986 euros) (Gdynia Newsroom)

更多 瑞士市场报道

热门文章

编辑推荐

文章推荐