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UPDATE 1-Service Corp gets FTC nod to buy Keystone North America
March 24, 2010 / 10:08 PM / 8 years ago

UPDATE 1-Service Corp gets FTC nod to buy Keystone North America

* Says to sell some of assets owned by both cos

* Selling assets had $19 mln annual revenue

March 24 (Reuters) - Funeral home operator Service Corp International (SCI.N) said it received U.S. regulatory clearance for the $200 million acquisition of Keystone North America Inc KNA.TO.

The company said it received an early termination of the waiting period under the Hart-Scott-Rodino Antitrust Act from the U.S. Federal Trade Commission (FTC) in connection with its tender offer.

With the clearance, the company, through its SCI Alliance Acquisition Corp unit, intends to take up all of the Keystone Shares tendered to the offer provided its conditions are met.

Service Corp said it would sell certain of its own assets and Keystone assets.

The required divestiture of assets totaling 22 funeral homes and five cemeteries had annual revenue and EBITDA of $19 million and $6 million respectively.

In October last year, Service Corp agreed to buy rival Keystone North America Inc KNA.TO. [ID:nBNG308571]

Shares of Houston-based Service Corp closed at $9.11 Wednesday on the New York Stock Exchange. For the alerts double click [ID:nWNAB3347] (Reporting by Vidya Lakshmi in Bangalore; Editing by Gopakumar Warrier)

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