Superior Plus Corp. has signed a deal to buy Certarus Ltd., a privately owned distributor of compressed natural gas, renewable natural gas and hydrogen, in a deal valued at $1.05 billion including debt.
Superior Plus CEO Luc Desjardins says the acquisition is a strategic and transformative transaction for the company, which is a distributor and marketer of propane.
Certarus has 18 hubs throughout Canada and the United States.
Under the agreement, Superior will acquire all the outstanding common shares in Certarus for $853 million and assume $196 million in senior bank credit and leases.
Certarus shareholders will receive $353 million in cash and $500 million worth of Superior common shares priced at $10.25 per share.
The deal, which has been unanimously approved by the boards of directors of both companies, is expected to close in the first quarter of 2023 subject to customary closing conditions.
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