Brambles, referring to its announcement on 25 February 2019, has entered into a binding agreement to sell its IFCO reusable plastic containers (RPC) business to Triton and a subsidiary of the Abu Dhabi Investment Authority (ADIA) for an enterprise value of US$2.51billion. Brambles announces today that, following the necessary regulatory approvals, the completion of the sale took place on 31 May, 2019 in the Netherlands.
As also announced on 25 February 2019, Brambles intends to return up to US$1.95 billion of proceeds from the transaction to shareholders through a combination of a pro rata return of cash of approximately US$300 million and an on-market share buy-back of up to US$1.65 billion. The balance of the proceeds will be used to repay debt to maintain leverage in line with the Board approved credit policy. It is Brambles’ intention to commence the on-market buyback in early June 2019 before pausing on 23 June 2019 when the Company enters its blackout period until its 2019 full year result announcement on 21 August 2019. The pro rata return of cash remains subject to obtaining an ATO ruling and shareholder approval at the 2019 Annual General Meeting. Subject to the ruling and shareholder approval, the pro rata return of cash is expected be paid to shareholders in October 2019.
For more information:
Seaon O'Sullivan
Brambles
Tel: +61 2 9256 5262
Email: sean.osullivan@brambles.com
www.brambles.com