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BRIEF-Millennium Services to acquire Airlite

Published 21/10/2016, 08:37 am
BRIEF-Millennium Services to acquire Airlite

Oct 21 (Reuters) - Millennium Services Group Ltd MIL.AX

* Millennium to acquire Airlite Group

* Acquisition is expected to be immediately eps accretive

* Entered into a binding agreement to acquire 100% of Airlite Group for $25.1 million

* Acquisition will be funded through a $42 million consolidated debt facility package finalised with ANZ bank

* Acquisition of Airlite is expected to materially alter Millennium's full year FY17 revenue and profit guidance provided on 29 August 2016

* Ross Gavranich, executive chairman of airlite group, will join Millennium Services group board

* Now expects FY17 pro-forma revenue to be in range of $246 million to $256 million

* Pro-Forma capital expenditure is expected to be in range of $4.1 million - $4.6 million

* Expects FY17 pro-forma EBITDA to be in range of $17.7 million to $18.6 million

* Not anticipated that acquisition will lead to material overhead savings for combined group in FY17 Source text for Eikon: ID:nASXc404GD Further company coverage: MIL.AX

(Bengaluru Newsroom; +1 646 223 8780; )

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