Finning Agrees to Sell 4Refuel to HIG Capital for up to C$400M

Finning International says the purchaser is expected to assume lease liabilities and other indebtedness of about C$50 million.

• C$330 million of the consideration will be payable in cash upon closing
• A C$50 million note receivable and up to C$20 million of contingent consideration that is payable over 2 years, subject to the achievement of certain financial performance metrics
• Net proceeds of the deal are expected to be used to repurchase shares under its normal course issuer bid, to pay down credit facility, and to reinvest into co.’s core dealership operations
  • Expects the transaction and planned share repurchases to be accretive ...