Edition:
United States

Argan To Buy SCI Cargo Property Assets For EUR 898 Million


Wednesday, 10 Jul 2019 12:15pm EDT 

July 10 (Reuters) - Argan SA ::SIGNS BINDING AGREEMENT FOR ACQUISITION OF SCI CARGO PROPERTY ASSETS FOR EUR 898 MILLION.ACQUISITION AGREEMENT WITH CARREFOUR AND GROUP OF INSTITUTIONAL INVESTORS.ACQUISITION ON BASE OF CONVENTIONAL VALUATION OF SCI CARGO'S ESTATE ASSETS OF EUR 900 MILLION EXCLUDING. RIGHTS.SCI CARGO'S PORTFOLIO INCLUDES 22 PREMIUM LOGISTICS PLATFORMS LEASED TO CARREFOUR.TO PAY FOR ACQUISITION WITH EUR 619 MILLION IN CASH AND SHARE ISSUE OF 5.6 MILLION SHARES WITH UNIT PRICE OF EUR 50.SHARES TO BE ISSUED TO CERTAIN SCI CARGO ASSOCIATES.TARGETS LTV RATIO TO BE BELOW 55% BY END OF 2020.POST-TRANSACTION, ARGAN'S LTV RATIO SHOULD REMAIN BELOW 60%.