NFI Group acquires Alexander Dennis Limited

Torys acted as counsel to NFI with a team that included Stefan Stauder and Meghan McKeever (M&A/corporate), Mike Amm and Paulina Taneva (M&A/securities), Scott Kraag and Keton Motta Freeman (financing).

On May 28, 2019, NFI Group Inc. ("NFI") announced that it acquired Alexander Dennis Limited ("ADL"), one of the world's leading independent bus and coach manufacturers, for a total transaction value of £320 million (approximately US$405 million) on a cash-free, debt-free basis (subject to certain adjustments).

The transaction was funded through NFI's existing credit facility capacity, a new US$300 million credit facility with substantially the same terms as the existing credit facility, and the issuance, from treasury, of 1.47 million NFI common shares, in lieu of cash, to certain primary ADL shareholders.

NFI is a leading independent global bus manufacturer, operating from more than 50 facilities across ten countries, providing a comprehensive suite of mass transportation solutions under brands: New Flyer® (heavy-duty transit buses), Alexander Dennis Limited (single and double-deck buses), Plaxton (motor coaches), MCI® (motor coaches), ARBOC® (low-floor cutaway and medium-duty buses) and NFI Parts™.

Further information can be found on Canada Newswire's website.