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| Lane shareholders approve Salini Impregilo acquisition offer Salini Impregilo (MTA: SAL), Italy's leading infrastructure group and a global player in the industry, announces that its offer to acquire 100% of Lane Industries by means of a merger transaction has been accepted by the US construction company's shareholders at an assembly held in Cheshire, Connecticut, where the US company is based. Salini Impregilo announced on Nov. 12 that its board of directors had approved an agreement under which the Group would acquire 100% of the share capital of Lane in a deal worth approx. $406 million, net of adjustments to be defined at closing. In light of the vote's result, Salini Impregilo expects to close the deal in January 2016 after already having obtained the customary closing conditions, including compliance with US antitrust requirements. Salini Impregilo will finance the transaction with available cash, existing credit lines and new financing available at closing. As the top highway contractor and top private asphalt producer in the United States, Lane will help Salini Impregilo expand in the large and attractive US infrastructure market by giving it access to a much larger pool of projects. Significant commercial synergies are expected by combining Lane's strong local platform with Salini Impregilo's technical capabilities and greater financial resources. Once the deal is closed, the United States will become a key region for Salini Impregilo, representing approx. 21% of expected pro-forma 2015 revenues of about €6 billion. The vote by Lane's shareholders comes at a favorable time. Two weeks ago, US President Barack Obama signed into law a five-year bill - the Fixing America's Surface Transportation Act (FAST) - to spend $305 billion to improve the country's highways and other infrastructure. This law is an excellent opportunity for Salini Impregilo and Lane to offer their expertise to help the US relaunch its infrastructure. write your comments about the article :: © 2015 Construction News :: home page |