Altrad welcomes Valmec shareholder vote in favour of Scheme
Perth, Western Australia – Altrad Services (Altrad or the Company) is pleased to announce that shareholders of Valmec Limited (ASX: VMX) (Valmec) have today voted overwhelmingly in favour of a Scheme of Arrangement (Scheme), under which Altrad’s wholly owned subsidiary Altrad Australia Pty Ltd will acquire Valmec in a cash deal worth approximately $52 million.
Altrad and Valmec announced on 19 July 2021 that they had entered into a Scheme Implementation Agreement.
As a general meeting of Valmec shareholders in Perth today, an overwhelming majority of Valmec shareholders voted in favour of the Scheme.
Subject to satisfying the final Scheme conditions including court approval, Altrad expects to complete the Valmec acquisition on or about October 19.
Commenting on the Valmec shareholders vote, Altrad Services Asia-Pacific CEO Neil Sadler said:
“We welcome the support of Valmec shareholders in favour of this acquisition and look forward to working with Valmec’s leadership team to implement the scheme in coming weeks.
“The acquisition of Valmec will mark another transformational milestone for Altrad’s Asia-Pacific business and deliver a value-accretive step change in the scale and diversity for our company. The Valmec deal underscores that Australia and the broader Asia-Pacific region are a key pillar of Altrad’s growth strategy.
“Once the scheme is implemented, I look forward to working with my leadership team and the Valmec team to identify value-adding opportunities for our combined existing and prospective client bases.”
Altrad Services is part of the Altrad Group, a global leader in industrial maintenance services, delivering high value-add services to clients in multiple sectors, including oil [&] gas, energy, power generation, process, environment and construction. Privately owned and headquartered in France, Altrad employs around 42,000 people globally including approximately 1,000 across Australia. In the six-month period to 28 February 2021, Altrad reported revenue of €1.24 billion (~A$1.99b) and EBITDA of €169m (~A$272m).
Altrad identified Valmec, a Perth-based national business with a workforce of approximately 300, as a significant value-adding opportunity for Altrad’s client base and service offering. Altrad has the scale, strength and global experience to invest in and significantly grow the Valmec business in a manner that would be difficult to achieve if Valmec had remained a relatively small, ASX-listed company.
Media contact: Peter Klinger (E: email@example.com)