LONDON: SIG plc, a leading European supplier of specialist building materials, has completed the sale of its Air Handling Division to France Air Management for an enterprise value of EUR 222.7 million on a cash free, debt free basis.
The net proceeds received by SIG were EUR 180.9 million, exclusive of the repayment of debt owed to SIG by the Air Handling Division of EUR 40.9 million.
The net proceeds are subject to customary post-completion adjustment for actual levels of cash, debt and working capital in the Air Handling Division at completion.
The Disposal, together with the sale of the Company’s Building Solutions business (when finalised), will complete the transition to a robust balance sheet with a net cash position on a pro forma basis and flexibility for increased investment and returns to shareholders. No decision has yet been made as to the nature, timing and quantum of any returns to shareholders.
Following these two disposals, SIG will focus on its leading positions as a specialist distributor of insulation and interiors products in seven countries across Europe and a merchant of roofing and exteriors products in the UK and France.
Edited by Nayyar Iqbal