Oct 22 (Reuters) - WorleyParsons Ltd (WOR) : ACQUISITION OF...

Oct 22 (Reuters) - WorleyParsons Ltd (WOR) :

• ACQUISITION OF JACOBS' ECR DIVISION FOR AN ENTERPRISE VALUE OF US$3.3 BILLION
• DEAL FUNDED VIA A$2.9 BILLION ENTITLEMENT OFFER, A$985 MILLION STOCK ISSUED TO JACOBS AND NEW DEBT
• TRANSACTION IS EXPECTED TO COMPLETE IN FIRST HALF OF 2019
• EXPECTS RUN RATE COST SYNERGIES OF ABOUT A$130 MLN P.A., WHICH ARE EXPECTED TO BE ACHIEVED WITHIN TWO YEARS
• STOCK ISSUANCE TO JACOBS WILL BE AT A PRICE OF A$16.92 PER SHARE, WHICH IS EQUAL TO THEORETICAL EX RIGHTS PRICE
• ONE OFF COST SYNERGY IMPLEMENTATION COSTS ARE ESTIMATED TO BE ABOUT A$160 MLN
• DEAL EXPECTED TO DELIVER ABOUT 20% EPS ACCRETION ON AN FY18 PRO FORMA
• TO INCREASE INDIAN GLOBAL INTEGRATED DELIVERY CAPACITY BY ABOUT 3,000 STAFF
• FY2019 RESULTS WILL BE IMPACTED BY JACOBS ECR TRANSACTION, INCLUDING HOLDING EQUITY PROCEEDS UNTIL CLOSING
• WE EXPECT THIS YEAR'S INTERIM DIVIDEND PER SHARE TO BE NOT LESS THAN LAST YEAR'S INTERIM DIVIDEND
• DAR GROUP HAS COMMITTED TO TAKE UP ABOUT A$170 MILLION OF ITS ENTITLEMENTS THROUGH INSTITUTIONAL ENTITLEMENT OFFER