Dec 2022 Financial News

Massy Holdings Ltd. - Notice of an Acquisition of a Company

Dec 05, 2022

Pursuant to Section 64(1)(b) of the Securities Act, 2012 of Trinidad and Tobago, Massy Holdings Ltd. (“the Company”) wishes to advise that on November 28th, 2022 its Board of Directors approved the acquisition of Air Liquide, Trinidad and Tobago Limited (“Air Liquide”) by Massy Gas Products Holdings Ltd. (“MGPHL”), a wholly owned subsidiary of the Company.

On November 28th, 2022, MGPHL entered into a Share Purchase Agreement with Air Liquide International S.A. to purchase 100% of the share capital of Air Liquide for US$51.5 Million – US$58 Million; with a higher end range related to an earnout that is payable annually based on additional value considerations being met. Completion of the transaction remains subject to regulatory approval by the Trinidad and Tobago Fair Trading Commission. The acquisition of Air Liquide, a manufacturer and supplier of industrial gases (oxygen, nitrogen and argon), is aligned with the MGPHL portfolio strategy to focus operations and its growth agenda on its core business. The acquisition will represent an 11.4% increase in the Massy Group’s assets and will contribute to an increase in the Group’s profit of approximately 3%. For the Gas Products Portfolio, the acquisition is expected to increase its profit before tax by 14%.

Source
The Trinidad and Tobago Stock Exchange Limited
Monday 5th December, 2022