RE: $500mln asset sale17 Apr 2024 08:25
The sale was expected as R&Q had previously stated it was in advanced talks regarding a potential sale of its program management unit, Accredited.
The agreement that has been reached will see Onex Corporation buying 100% of the equity interest in Randall & Quilter America Holding Inc., which the holding company of Accredited
Closing the deal is conditional on R&Q shareholder approval, regulatory approval and customary consents from certain R&Q debt providers, the company explained.
R&Q said that the sale of Accredited is at an enterprise value of $465m, which represents an expected equity value of approximately $438 million.