Edition:
United Kingdom

Countryside Properties acquires Westleigh Group for $192m


Thursday, 12 Apr 2018 

April 12 (Reuters) - Countryside Properties PLC ::ACQUISITION OF WESTLEIGH GROUP LIMITED.COUNTRYSIDE PROPERTIES PLC ("COUNTRYSIDE"), A LEADING UK HOME BUILDER AND REGENERATION PARTNER, ANNOUNCES TODAY THAT IT HAS ACQUIRED WESTLEIGH GROUP LIMITED ("WESTLEIGH") FOR TOTAL CASH CONSIDERATION OF UP TO 135.4 MILLION POUNDS ($192.00 million) ON A DEBT FREE AND CASH FREE BASIS.CONSIDERATION OF UP TO 135.4 MILLION POUNDS BASED ON FUTURE GROWTH AND FUNDED FROM EXISTING BANK FACILITIES.EXPECTED TO DELIVER HIGH SINGLE-DIGIT ACCRETION TO ADJUSTED EARNINGS PER SHARE IN FIRST FULL YEAR OF OWNERSHIP.UP TO 23.5 MILLION POUNDS IS DEFERRED FOR TWO YEARS FROM COMPLETION, A PROPORTION OF WHICH IS SUBJECT TO PERFORMANCE..IAN SUTCLIFFE, CHIEF EXECUTIVE OF COUNTRYSIDE, SAID: "WESTLEIGH IS A WELL RUN BUSINESS WITH A STRONG STRATEGIC, GEOGRAPHIC AND CULTURAL FIT TO COUNTRYSIDE AND PROVIDES US WITH AN EXCELLENT PLATFORM FOR FURTHER PARTNERSHIPS GROWTH.". 

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