Silverdell Plc (SID.L) has conditionally agreed to acquire the entire issued share capital of EDS Group Holdings Ltd, for an initial consideration of 15 million pounds. The company said this transformational acquisition, expected to be immediately earnings enhancing, would create a Specialist Environmental Support Services group with scale and global reach and would accelerate the planned expansion into Canada and Australasia, providing an immediate scale and track record in those markets.
The total maximum consideration of 18.6 million pounds comprises 15 million pounds of initial consideration and a further 3.6 million pounds of deferred consideration, subject to the achievement of certain financial targets by EDS. To fund the EDS purchase, Silverdell today announced a conditional placing of, in aggregate, 80.1 million new ordinary shares at a price of 11 pence per share raising nearly 8.81 million pounds before expenses.
EDS is specialist provider of decommissioning and dismantling services to the power generation, chemical, oil & gas, pharmaceutical, petrochemical and fuel industries with operations in the UK, Canada and Australia.
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