Exco Technologies Signs Definitive Agreement With ALC
News: Canadian auto parts supplier Exco Technologies has signed a definitive agreement with South African company Automotive Leather Company Group (ALC). Under the agreement, which is subject to receipt of applicable regulatory approvals and other customary closing conditions, Exco would acquire all of the shares of ALC for US$17.2mn in cash. Exco's cash contribution is expected to be funded mainly via the utilisation of its operating credit facility, which will be raised to accommodate the cash payment amount. The closing of the transaction is likely to occur in the second quarter of fiscal 2014.