April 2, 2018 / 10:44 AM / 8 months ago

BRIEF-Transcontinental To Acquire Coveris Americas For $1.32 Bln

April 2 (Reuters) - Transcontinental Inc:

* TRANSCONTINENTAL INC. ANNOUNCES TRANSFORMATIONAL ACQUISITION OF COVERIS AMERICAS, BECOMING A NORTH AMERICAN LEADER IN FLEXIBLE PACKAGING

* DEAL FOR PURCHASE PRICE IS US$1.32 BILLION

* EXPECTED ANNUAL COST SYNERGIES OF APPROXIMATELY US$20 MLN TO BE ACHIEVED OVER A 24-MONTH PERIOD FOLLOWING ACQUISITION

* DEAL ‍IMMEDIATELY ACCRETIVE TO ADJUSTED NET EARNINGS PER SHARE AND FREE CASH FLOW PER SHARE BEFORE COST SYNERGIES​

* TERMS OF ACQUISITION HAVE BEEN APPROVED BY BOARDS OF DIRECTORS OF BOTH TC TRANSCONTINENTAL AND COVERIS AMERICAS

* DEAL TO BE FINANCED WITH CASH ON HAND AND FULLY-COMMITTED FINANCING FROM CIBC AND SCOTIABANK PROVIDING TERM LOANS

* DEAL ADDS 21 PRODUCTION FACILITIES TO CO’S 7 EXISTING FLEXIBLE PACKAGING FACILITIES Source text for Eikon: Further company coverage:

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