February 19, 2018 / 10:28 PM / 6 months ago

BRIEF-Sun Hydraulics Announces Acquisition Of Faster Group For ‍EUR 430 Million

Feb 19 (Reuters) - Sun Hydraulics Corp:

* SUN HYDRAULICS ANNOUNCES ACQUISITION OF FASTER GROUP

* DEAL FOR ‍EUR 430 MILLION (APPROXIMATELY $531 MILLION) IN CASH​

* DEAL ‍EXPECTED TO BE ACCRETIVE IN 2018​

* ‍AGREEMENT TO ACQUIRE SHARES OF FASTER GROUP FROM CAPVIS EQUITY IV LP, AND OTHER CO-INVESTORS​

* ‍ACQUISITION IS EXPECTED TO BE ACCRETIVE TO SNHY’S GAAP EARNINGS IN 2018 AND BEYOND​

* SUN HYDRAULICS - ‍ACQUISITION WILL BE FUNDED WITH APPROXIMATELY $161 MILLION OF CASH ON HAND AND $370 MILLION DRAWN AGAINST COMPANY’S REVOLVING CREDIT FACILITY

* ‍IN 2018, FASTER GROUP ANTICIPATES REVENUE GROWTH OF 16-16.5% WITH AN EBITDA MARGIN IN SAME RANGE AS 2017​​ Source text for Eikon: Further company coverage:

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