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Horizon North Logistics signs purchase agreement for NRB Canada's outstanding stock for USD16.5m.

Global Banking News-March 13, 2019-Horizon North Logistics signs purchase agreement for NRB Canada's outstanding stock for USD16.5m

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Horizon North Logistics Inc (TSX:HNL.TO) disclosed on Tuesday that it signed a binding purchase and sale agreement to acquire NRB Inc (Canada) (NRB Canada), a full-service modular construction provider based in Grimsby, Ontario.

Also, pursuant to the agreement, the company will buy all of the outstanding shares of NRB Canada for USD16.5m, which will be paid in a mix of Horizon North's common shares and cash.

Further, this agreement is subject to certain conditions like the receipt of all necessary and required consents, including those from the Toronto Stock Exchange. Thereafter, the transaction will close in early April 2019.

NRB Canada manufactures modular buildings and supplies related products and services. Founded in 1979, it provides design engineering to off-site fabrication in its controlled environment and right up to final on-site completion.

Horizon North provides a full range of industrial, commercial and residential products and services. It operates through the Modular Solutions business and Industrial Services business in Canada.

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Publication:Global Banking News (GBN)
Geographic Code:1CANA
Date:Mar 13, 2019
Words:195
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