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BRIEF-Toromont Industries to acquire Hewitt Equipment
August 28, 2017 / 11:27 AM / 4 months ago

BRIEF-Toromont Industries to acquire Hewitt Equipment

Aug 28 (Reuters) - Toromont Industries Ltd

* Toromont Industries to acquire Hewitt Equipment

* Toromont Industries Ltd - ‍deal expected to be accretive to Toromont’s net earnings in 2018​

* Deal for ‍total consideration of $1.02 billion​

* Toromont Industries-‍to buy businesses and net operating assets of Hewitt group of companies for $917.7 million cash plus issuance of 2.25 million Toromont shares​

* Toromont Industries - will fund deal through current cash on hand, unsecured debt financing of up to $750 million and issuance of 2.25 million Toromont shares​

* Toromont Industries - ‍prior to close, Toromont intends to launch a bond offering of up to $400 million and correspondingly reduce draw on bank financing​

* Expects to maintain existing facilities and under its decentralized business model

* Toromont Industries Ltd- syndicate of financial institutions has provided co a revolving working capital facility of up to $500 million Source text for Eikon: Further company coverage:

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