NRW Holdings (ASX:NWH) executes an agreement to acquire BGC Contracting

Mining Services Company NRW Holdings (ASX:NWH) has executed an agreement to acquire 100 per cent of BGC Contracting.

BGC is headquartered in Perth, WA, with approximately 2,300 employees nationwide and a large portfolio of revenue nearing $1 billion per annum.

The Acquisition values the equity of BGC Contracting at $116.4 million, payable by NRW in cash at completion.

As part of the Acquisition NRW will also assume $193.6 million of debt related to asset finance.

They are preparing an institutional placement worth $120 million at a floor price of $2.65 a share and a maximum price of $2.85.

Shares in NRW Holdings (ASX:NWH) last traded at $2.83.
 
Copyright 2019 – Finance News Network

Source: Finance News Network