SNC-Lavalin Raises USD655.5 Million in Public Offering of Subscription Receipts

Published: Apr 20 2017
Deal Summary

SNC-Lavalin Group Inc., a provider of engineering and construction services, has completed public offering of 17,105,000 subscription receipts at a price of CAD51.45 (USD38.32) per receipt for gross proceeds of CAD880.05 million (USD655.49 million).

RBC Capital Markets LLC, TD Securities Inc, BMO Capital Markets Corp., Scotia Capital Inc., National Bank Financial Inc., CIBC World Market Inc., HSBC Securities (Canada) Inc., BNP Paribas (Canada) Securities Inc., Merrill Lynch Canada Inc., Desjardins Securities Inc., Citigroup Global Markets Canada Inc., Raymond James Ltd. and Canaccord Genuity Corp., acted as underwriters to the company for the offering.

The company intends to use the proceeds from the offering for the acquisition of WS Atkins plc, a consultancy company that provides design, engineering and project management services, for a purchase consideration of CAD3,600 million (USD2,681.42 million).

Deal History:

Announced: On April 20, 2017, SNC-Lavalin agreed to issue 15,550,000 subscription receipts at a price of CAD51.45 (USD38.32) per receipt for gross proceeds of CAD800 million (USD595.87 million) in a public offering. In addition, the underwriters have been granted an over-allotment option, exercisable in whole or in part at the offer price for a period of 30 days from the closing date of the offering, for additional gross proceeds of up to approximately CAD80 million (USD59.58 million).

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