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BRIEF-Keppel Corp Signs Definitive Agreement Related To Proposed Merger Of Keppel O&M & Sembcorp Marine

·1-min read

April 27 (Reuters) - Keppel Corporation Ltd:

* UPDATES PROPOSED COMBINATION OF KEPPEL OFFSHORE & MARINE LTD AND SEMBCORP MARINE

* SIGNS DEFINITIVE AGREEMENTS IN CONNECTION WITH PROPOSED COMBINATION OF KEPPEL O&M AND SEMBCORP MARINE

* STEPS TAKEN TO EFFECT PROPOSED COMBINATION WILL ALLOW COMPANY TO REALISE APPROXIMATELY S$9,424.2 MILLION IN VALUE OVER TIME

* PROPOSED COMBINATION OF KEPPEL OFFSHORE & MARINE AND SEMBCORP MARINE WILL BE HELD AS WHOLLY-OWNED SUBSIDIARIES OF BAYBERRY

* INTENDS TO UNDERTAKE, CONTEMPORANEOUSLY WITH COMPLETION OF KOM COMBINATION, A DISTRIBUTION IN SPECIE OF KOM CONSIDERATION SHARES

* STEPS TAKEN TO EFFECT PROPOSED COMBINATION WILL ALLOW COMPANY TO REALISE APPROXIMATELY S$9,424.2 MILLION IN VALUE OVER TIME

* PROPOSED COMBINATION WILL INVOLVE INTERNAL RESTRUCTURING OF KOM

* PROPOSED COMBINATION WILL BE EFFECTED VIA TRANSFER OF KOM'S LEGACY RIG ASSETS

* PROPOSED COMBINATION COMPRISES S$4,050.3 MILLION AS ASSETCO CONSIDERATION

* PROPOSED COMBINATION COMPRISES S$4,873.9 MILLION AS PRO FORMA ESTIMATE OF VALUE OF KOM CONSIDERATION SHARES

* 46% OF EQUITY SHARES IN COMBINED ENTITY WILL BE DISTRIBUTED TO KEPPEL SHAREHOLDERS

* PROPOSED TRANSACTIONS, IF SUCCESSFUL, EXPECTED TO BE EARNINGS ACCRETIVE TO CO FOR FY ENDED 31 DEC 2021 ON A PRO FORMA BASIS Source text for Eikon: Further company coverage: