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BRIEF-Boral Agrees Plasterboard Transaction With Knauf

Published 26/08/2019, 11:16 am
© Reuters.  BRIEF-Boral Agrees Plasterboard Transaction With Knauf
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Aug 26 (Reuters) - Boral Ltd BLD.AX :

* BORAL AGREES PLASTERBOARD TRANSACTION WITH KNAUF

* ENTERS AGREEMENT WITH GEBR KNAUF KG ("KNAUF") TO FORM AN EXPANDED 50:50 PLASTERBOARD JOINT VENTURE (JV) IN ASIA

* AGREEMENT FOR BORAL TO RETURN TO 100% OWNERSHIP OF USG BORAL AUSTRALIA & NEW ZEALAND (NZ)

* BORAL TAKES 100% OWNERSHIP OF USG BORAL AUSTRALIA & NZ AT A MULTIPLE OF 5.7 TIMES FY2019 EBITDA, WHICH IS IMMEDIATELY EARNINGS ACCRETIVE

* BORAL WILL ACQUIRE KNAUF'S 50% STAKE IN USG BORAL AUSTRALIA & NZ FOR AN ACQUISITION PRICE OF US$200 MILLION

* BORAL'S TOTAL NET INVESTMENT IS US$441 MILLION

* DEAL EXPECTED TO BE COMPLETED AROUND END OF CALENDAR YEAR 2019

* USG BORAL JV WILL ACQUIRE KNAUF ASIA PLASTERBOARD, WHICH INCLUDES CHINA AND SOUTH EAST ASIA, FOR US$532.5 MILLION

* USG BORAL JV WILL SELL MIDDLE EAST BUSINESS TO KNAUF FOR US$50 MILLION

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