Logistec Agrees To Go Private In C$1.2 Bln Deal

(RTTNews) - Logistec Corp. (TSX: LGT.A.TO, LGT.B.TO), a provider of specialized services to the marine community, announced Monday its definitive agreement to be acquired by Blue Wolf Capital Partners LLC for C$67.00 in cash per share.

The total enterprise value of the deal would be around C$1.2 billion, subject to customary closing conditions.

Logistec has entered into an arrangement agreement with 1443373 B.C. Unlimited Liability Co., an entity owned by certain funds managed by Blue Wolf in partnership with Stonepeak, an alternative investment firm, for the deal.

The transaction will be implemented by way of a plan of arrangement and is expected to close in the first quarter of 2024, subject to customary closing conditions.

Following the deal closure, the company will become a privately held company and its shares will no longer be publicly traded on the Toronto Stock Exchange.

The deal follows the company's review of strategic alternatives available that was conducted by a Special Committee of independent directors at the request of its principal shareholder, Sumanic Investments Inc.

The consideration represents a 61.2% premium to the unaffected 20-day volume-weighted average trading price per Class A Common Share on the Toronto Stock Exchange on May 19, the last trading day prior to the announcement of the strategic review process.

It also represents a 14.5% premium to the 20-day volume-weighted average trading price per Class A Common Share on the Toronto Stock Exchange on October 13.

The company said the Special Committee and the Board of Directors have unanimously concluded that the transaction is fair to its shareholders.

The transaction is not subject to any financing condition.