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BRIEF-Post Holdings to acquire Weetabix for 1.4 bln stg
April 18, 2017 / 7:57 AM / 5 months ago

BRIEF-Post Holdings to acquire Weetabix for 1.4 bln stg

April 18 (Reuters) - Post Holdings Inc

* Post Holdings to acquire Weetabix for £1.4 billion

* Deal immediately accretive to post’s adjusted EBITDA margins and free cash flow, excluding one-time transaction expenses

* Says reaffirms certain fiscal 2017 guidance and provides preliminary Q2 financial results

* Sally Abbott, Weetabix’s director of marketing, will become managing director of Weetabix UK and Ireland

* Post Holdings -expects Weetabix to contribute approximately £120 million of adjusted EBITDA on an annual basis before realization of cost synergies

* Post Holdings - agreed in principle to establish JV with Bright Food Group and fund advised by baring private equity asia to manage Weetabix China operations

* Post Holdings - will acquire Weetabix for £1.4 billion on a cash free, debt free basis, subject to certain adjustments as described in purchase agreement

* Giles Turrell, Weetabix’s current CEO, will assume role of chairman of Weetabix

* Post Holdings - to fund deal with combination of cash on hand and borrowings under revolving credit facility or new senior secured term loan facility

* Sees preliminary Q2 2017 net sales of approximately $1.25 billion

* Sees preliminary Q2 2017 net loss of approximately $4 million; and preliminary Q2 adjusted EBITDA of approximately $228 million Source text for Eikon: Further company coverage:

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