July 12, 2017 / 11:39 AM / 16 days ago

BRIEF-ABM Industries to buy GCA Services for about $1.25 bln

2 Min Read

July 12 (Reuters) - ABM Industries Inc-

* ABM Industries to acquire GCA Services Group, a facility services leader in the education and commercial industries

* ABM Industries to acquire GCA Services Group, a facility services leader in the education and commercial industries

* Estimated cost synergies of approximately $20 million to $30 million

* ABM Industries Inc - ‍estimated cost synergies of approximately $20 million to $30 million from deal​

* ABM Industries Inc - deal for ‍approximately $1.25 billion in cash and stock​

* ABM Industries Inc - deal increases annual revenues by approximately $1.1 billion and adjusted ebitda by approximately $100 million

* ABM Industries Inc says abm plans to fund cash portion of purchase price and transaction expenses via its amended revolving credit facility

* ABM Industries Inc - ‍to acquire GCA Services Group from affiliates of Thomas H. Lee Partners, L.P., Goldman Sachs merchant banking division for about $1.25 billion in cash and stock​

* ABM Industries Inc says there are no changes to company's fiscal year outlook at this time

* ABM Industries Inc - ABM expects to incur approximately $70 million in one-time, transaction, synergy, and integration-related costs

* ABM Industries Inc - ‍under terms of agreement, abm will acquire gca for $851 million in cash and $399 million in shares of abm common stock​

* ABM Industries Inc - ‍no changes to company's fiscal year outlook at this time​

* ABM Industries Inc - ‍affiliates of Thomas H. Lee Partners, L.P., Goldman Sachs merchant banking division to own, in aggregate, about 14% of outstanding shares​

* ABM Industries Inc - expects annualized, run rate cost synergies of about $20 million -$30 million to be realized by second full year of ownership

* ABM Industries Inc - after deal close, affiliates of Thomas Lee Partners, Goldman Sachs merchant banking division to enter standstill, voting obligations Source text for Eikon: Further company coverage:

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