Edition:
United Kingdom

Civeo To Acquire Noralta Lodge


Monday, 27 Nov 2017 

Nov 27 (Reuters) - Civeo Corp ::CIVEO TO ACQUIRE NORALTA LODGE, A PREMIER ACCOMMODATIONS PROVIDER IN THE CANADIAN OIL SANDS REGION.CIVEO CORP - DEAL FOR ‍TOTAL CONSIDERATION OF APPROXIMATELY C$367 MILLION​.CIVEO CORP - ‍EXPECTED ANNUAL SYNERGIES OF C$10 MILLION BY 2019 FROM DEAL, PRIMARILY RELATED TO OPERATIONAL AND CORPORATE EFFICIENCIES​.CIVEO CORP SAYS ‍EXPECTS TO FUND CASH PORTION OF PURCHASE PRICE WITH CASH ON HAND AND BORROWINGS UNDER ITS EXISTING REVOLVING CREDIT FACILITY​.CIVEO CORP - DEAL WOULD BE ACCRETIVE TO OPERATING CASH FLOW, INCREASE CIVEO'S STANDALONE OPERATING CASH FLOW BY ABOUT 75% DURING 12-MONTH ENDED SEPT 30.CIVEO CORP - ‍UPON DEAL CLOSING , NORALTA'S EQUITY HOLDERS WOULD BE GRANTED RIGHT TO NOMINATE 1 DIRECTOR TO CIVEO'S BOARD , EXPANDING BOARD TO 8 MEMBERS​.CIVEO CORP - ‍DEAL INCLUDES C$210 MILLION IN CASH & 32.8 MILLION CIVEO SHARES (OR US$69 MILLION, VALUED AT $2.10 PER SHARE) ISSUED TO NORALTA'S EQUITY HOLDERS​.CIVEO CORP - ‍CIVEO TO ACQUIRE NORALTA LODGE ON A CASH-FREE, DEBT-FREE BASIS, SUBJECT TO ADJUSTMENTS​.CIVEO CORP - ‍REGISTRATION RIGHTS, LOCK-UP AND STANDSTILL WILL RESTRICT NORALTA'S EQUITY HOLDERS FROM SELLING ANY CO'S SHARES FOR 18 MONTHS FROM CLOSING. 

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