15 Dec 2017 14:02
Kingspan Group plc
Acquisition
15 December 2017
Further to the Investment Update announced earlier today (RNS 5364Z), Kingspan Group plc ("Kingspan") now provides the following additional information in relation to the acquisition of the Synthesia group:
· The Synthesia group comprises Synthesia Espanola S.A., Poliuretanos S.A., Huurre Iberica S.A. and their subsidiaries.
· The acquisition agreement which was entered into today, 15 December 2017, with Monsax S.L., Isoblok S.L., Inversiones Landa S.A. and others, is conditional on regulatory clearance and is expected to complete during the first quarter of 2018.
· The total consideration payable by Kingspan for the businesses will be €250m inclusive of debt, which will be satisfied in cash and by the assumption of debt, with €30m of the consideration deferred until 2019. There is an additional €16m consideration being off-set against assets retained by the vendors.
· Gross assets at 31 December 2016 were €180m.
· The acquisition is expected to enhance earnings by circa 6 cent on an annualised basis.
· The existing Synthesia management teams will be retained in the businesses.
For further information contact:
Kingspan Lorcan Dowd, Group Company Secretary
| +353 42 9698000 |
Murray Consultants Douglas Keatinge | +353 1 4980300
|