India, Jan. 20 -- Energy services company Shawcor Ltd. (SCL.TO, SCL_SV_A.TO) announced late Sunday that it has entered into an arrangement agreement to acquire ZCL Composites Inc. (ZCL.TO) for C$10 per share in cash. The price per share implies an aggregate fully diluted equity value for ZCL of approximately C$308 million.
The price per share represents a 37% premium to the closing price on the TSX on January 18, 2019. The arrangement values ZCL at an enterprise value of approximately C$312 million, including C$4 million of net debt.
ZCL is North America's largest manufacturer and supplier of environmentally friendly fibreglass reinforced plastic or FRP underground storage tanks. ZCL has two plants in Canada, four in the US and one in The...