LONDON (dpa-AFX) - Horizon Acquisition Company plc (HZN.L) announced the completed acquisition of 100% of APR Energy Cayman Limited, and 100% of its service company, Falconbridge Services LLC, together called APR, for a combined equity consideration of $855 million.
Horizon Acquisition Co. is the investment vehicle of British tycoon Hugh Osmond. Hugh Osmond is the co-founder of the Pizza Express restaurant chain and the pub group Punch Taverns Plc (PUB.L).
Based on Horizon's closing share price yesterday, $855 million acquisition price was satisfied by $359 million Horizon cash and $495 million Horizon shares. The acquisition will leave approximately $275 million of residual cash on Horizon's balance sheet to accelerate APR's growth.
Current Horizon shareholders would own 59% of enlarged APR Energy.
No shareholder approval is required in relation to the acquisition of APR. Horizon's shares are being immediately suspended, with the intention to re-admit the ordinary shares of Horizon, to be renamed APR Energy plc, to the standard list of the London Stock Exchange. The prospectus for this listing is expected to be published and APR's shares to be admitted, to the Official List by the end of September 2011.
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© 2011 AFX News
