Carlyle to acquire Nationwide for £43.2m
Carlyle Group has reached an agreed deal to acquire Nationwide Accident Repair Services for £43.2 million.
In a separate statement on the London Stock Exchange on Wednesday, Nationwide said it has completed the acquisition of Seward Accident Repair Services for £3.8 million in cash.
Carlyle, which will acquire Nationwide through the Canaveral Bidco Ltd vehicle, said it would pay 100 pence per share for Nationwide, a 45% premium to the volume-weighted average price of Nationwide shares in the three months before March 31. It is a 13% premium to the closing price of Nationwide shares of 88.5 pence on March 31.
Commenting on the Offer, Michael Marx, Chairman of NARS, said, ‘The Board of Nationwide is pleased to announce that agreement has been reached with Carlyle on the terms of a recommended cash offer for Nationwide. This Offer enables Nationwide shareholders to realise value today in cash for their shares at a significant premium to the recent historical share price and a meaningful premium to the company’s share price immediately prior to the date of this announcement. It also provides the business with the opportunity to realise its growth ambitions and build its UK presence in an accelerated way. Carlyle has a well-respected track record in the automotive sector and specific experience in the vehicle accident repair market. We believe that the Offer is a good outcome for all Nationwide stakeholders.’
For the full statement please click here: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12302010.html