SNC-Lavalin to Raise USD595.9 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 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).

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).

RBC Capital Markets LLC, TD Securities Inc and BMO Capital Markets Corp. are acting as underwriters to the company for the offering.

The offering is subject to customary approval of the Toronto Stock Exchange. Closing of the offering is expected to occur on or about April 27, 2017.

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