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SGH LIMITED — Capital/Financing Update 2012
May 21, 2012
65777_rns_2012-05-21_e4eeab7a-63d0-45a5-a97d-bd8f785f08d9.pdf
Capital/Financing Update
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STATEMENT FROM SEVEN GROUP HOLDINGS ON WESTRAC ACQUISITION OF BUCYRUS DISTRIBUTION AND SUPPORT BUSINESS FROM CATERPILLAR IN WESTERN AUSTRALIA, AUSTRALIAN CAPITAL TERRITORY AND NEW SOUTH WALES.
22 May 2012
WesTrac Pty Limited, a wholly owned subsidiary of Seven Group Holdings (ASX: SVW) today announced that the completion date for the acquisition of the Bucyrus business is now expected to be 1 June 2012.
This follows the announcement on 12 April 2012 that WesTrac and Caterpillar Inc had reached agreement for WesTrac to acquire from Caterpillar the distribution and support business formerly operated by Bucyrus in Western Australia, Australian Capital Territory and New South Wales.
As detailed on 12 April 2012, the transaction is valued at approximately USD 400 million and SGH is funding the transaction through a new five year debt facility. The acquisition significantly enhances WesTrac’s leading position in the supply and service of heavy equipment in the mining and construction sectors, with Bucyrus’ product line a logical addition to WesTrac’s current range of Caterpillar product.
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Seven Group Holdings Limited | ABN 46 142 003 469 38-42 Pirrama Road | Pyrmont NSW 2009 Australia | Postal Address: PO Box 777 | Pyrmont NSW 2009 Australia Telephone +61 2 8777 7777 | Facsimile +61 2 8777 7192