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Mergers & Acquisitions | 21 November 2016

Sydney based Boral Ltd Acquires the US firm Headwaters for $1.8 Billion

by Ritika Singh
Sydney based Boral Ltd Acquires the US firm Headwaters for $1.8 Billion
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The Australian firm Boral Ltd has announced the acquisition of Headwaters Inc, a US-based building materials company for $1.8 billion. The deal advisers for Boral were Citigroup Inc and Macquarie Capital.

This is the largest acquisition for Boral. It will help double the company’s size of operations in the U.S. and give impetus to its fly ash business. With the American President-elect Donald Trump promising setting aside $1 trillion to rebuild airports, tunnels, bridges and highways, fly ash will be a highly sought construction material in the production of concrete. The deal will also reap a savings of $100 million annually for the next four years.

A statement by Boral shows that it will be paying Headwaters $24.25 per share. This amount is 21 percent more than the closing price of the share. To fund this deal, Boral intends to sell shares worth $1.5 billion at a 22 percent discount compared to the last closing price. The balance funds will be paid from Boral’s existing debt and cash.

It is expected that the acquisition will be completed by the middle of 2017.

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