Everest Kanto buys US co asset for $64.25 mn
Everest Kanto Cylinder has entered into an asset purchase agreement with US-based Reunion Industries, Inc to buy all of the assets and liabilities for cash consideration of $64.25 million, subject to adjustment and further subject to Bankruptcy Co...
By INDIATIMES NEWS NETWORK |
MUMBAI: Everest Kanto Cylinder has entered into an asset purchase agreement with US-based Reunion Industries, Inc to buy all of the assets and liabilities for cash consideration of $64.25 million, subject to adjustment and further subject to Bankruptcy Court proceedings and other regulatory approvals. The assets shall be acquired by a subsidiary of EKC.
ICICI Securities were the sole advisors to Everest Kanto on this transaction.
CP Industries, located in McKeesport, US, manufactures and sells large seamless pressure vessels for the containment and transportation of pressurised gases. After consummating this transaction, Everest Kanto intends to operate and grow this business at its present facility.
"This acquisition will enable Everest Kanto to capialise the robust global demand for specialty and CNG gas storage systems across various countries," said Prem Khurana, Chairman and MD of Everest Kanto.
At 11:43 am, Everest Kanto shares were down 1.38 per cent at Rs 301 on BSE.
ICICI Securities were the sole advisors to Everest Kanto on this transaction.
CP Industries, located in McKeesport, US, manufactures and sells large seamless pressure vessels for the containment and transportation of pressurised gases. After consummating this transaction, Everest Kanto intends to operate and grow this business at its present facility.
"This acquisition will enable Everest Kanto to capialise the robust global demand for specialty and CNG gas storage systems across various countries," said Prem Khurana, Chairman and MD of Everest Kanto.
At 11:43 am, Everest Kanto shares were down 1.38 per cent at Rs 301 on BSE.
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