CANBERA (dpa-AFX) - Australian professional services company WorleyParsons Ltd. (WYGPF.PK, WYGPY.PK, WOR.AX) announced that it has entered into a binding agreement to acquire AFW UK for an enterprise value of 182 million pounds or A$303 million.
WorleyParsons said the acquisition will be funded by a 1 for 10 entitlement offer of approximately A$322 million and existing WorleyParsons debt facilities at A$13 per new share.
WorleyParsons said the deal is expected to be earnings per share accretive in the first year of ownership and reduce debt-to-EBITDA to 2.2 times from 2.4.
The deal will and accelerate its efforts to build a global business offering maintenance, modifications and operations.
'We are excited to enter the UK North Sea market as a leading player based in Aberdeen,' CEO Andrew Wood said.
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