Hansen signs non-binding Letter of Intent Hansen Technologies...

Hansen signs non-binding Letter of Intent
Hansen Technologies Limited (ASX:HSN) is pleased to announce it has executed
a non-binding Letter of Intent with PPL Energy Funding Corporation (a subsidiary
of NYSE listed PPL Corporation) to acquire PPL Solutions, LLC (“Solutions”).
Solutions, located in Bethlehem, Pennsylvania, provides billing services, business
processing outsourcing and information technology services to competitive electric
and gas suppliers and regulated utilities in the US.
Under the terms of the Letter of Intent, Hansen and PPL have reached an in
principle agreement for Hansen to acquire 100% of the share equity of Solutions.
Hansen’s decision to announce this non-binding Letter of Intent comes as a result
of PPL’s obligation to discuss and disclose the potential sale of Solutions to both
customers and staff. The acquisition remains subject to the satisfactory completion
of due diligence, Board approval, the execution of a mutually agreeable Purchase
and Sale Agreement, and other closing conditions. Subject to meeting these
requirements, the transaction is targeted to close within the next 60 days.
If the transaction proceeds, Solutions is expected to represent approximately 5%
of the combined Hansen worldwide earnings before interest, tax, depreciation and
amortisation (EBITDA), and the acquisition can be funded from Hansen’s internal
cash resources.