BRIEF-AMA Group Announces Acquisition Of Suncorp's Capital S.M.A.R.T & ACM Parts Businesses By Reuters

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BRIEF-AMA Group Announces Acquisition Of Suncorp's Capital S.M.A.R.T & ACM Parts Businesses

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BRIEF-AMA Group Announces Acquisition Of Suncorp's Capital S.M.A.R.T & ACM Parts Businesses

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Oct 1 (Reuters) - Ama Group Ltd AMA.AX :

* ANNOUNCES ACQUISITION OF SUNCORP'S CAPITAL S.M.A.R.T & ACM PARTS BUSINESSES

* EXPECTS ANNUAL SYNERGIES OF APPROXIMATELY $17 MILLION PER ANNUM WHICH ARE EXPECTED TO BE FULLY IMPLEMENTED BY END OF FY21

* TRANSACTION IS EXPECTED TO DELIVER DOUBLE-DIGIT EPS ACCRETION IN FIRST FULL-YEAR OF OWNERSHIP (FY21) ON A PRO-FORMA BASIS

* ONE-OFF SYNERGY IMPLEMENTATION COSTS ARE ESTIMATED TO BE ABOUT $15 MILLION FROM DEAL

* SUNCORP HAS ENTERED A 25 YEAR PLUS SERVICE AGREEMENT COMPRISING A 15.5 YEAR INITIAL TERM AND TWO 5 YEAR RENEWAL OPTIONS

* ANNOUNCES $216 MILLION EQUITY RAISING

* UNDER SERVICE AGREEMENT, CAPITAL S.M.A.R.T REMAINS SUNCORP'S "RECOMMENDED REPAIRER"

* TRANSACTION WILL BE FUNDED THROUGH A FULLY UNDERWRITTEN $216 MILLION EQUITY RAISING AND NEW DEBT FACILITIES

* EQUITY RAISING WILL COMPRISE A 1 FOR 4.5 PRO-RATA ACCELERATED NON- RENOUNCEABLE ENTITLEMENT OFFER TO RAISE ABOUT $139M

* EQUITY RAISING ALSO COMPRISES A PLACEMENT OF APPROXIMATELY 67M SHARES TO RAISE $77M

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