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Augean acquires Colt Holdings

By BFN News | 09:17 AM | Thursday 19 May, 2016


Augean, one of the UK's leading specialist waste management businesses, has acquired specialist industrial services provider Colt Holdings and its wholly owned subsidiary, Colt Industrial Services. Colt has been acquired for an initial cash consideration of GBP9.2 million, net of GBP4.5 million of cash acquired, as adjusted for a normalised level of working capital, and with no borrowings. This was funded through the Group's existing borrowing facilities, following the renewal and refinancing of its bank facilities in March 2016. Further consideration, of up to a maximum of £3.75 million, may become payable by October 2017, along with further consideration of up to £1 million, payable by October 2018, subject to Colt securing specific additional contracts in the coming months. Those contracts would be of significant value to the enlarged Group should they be secured. Any such further consideration payments would be funded through the Group's borrowing facilities. The acquisition is expected to be immediately accretive to earnings per share. At 9:17am: (LON:AUG) Augean PLC share price was 0p at 48.25p Story provided by StockMarketWire.com

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