SMIT internationale N.V. agreed with Fairplay Towage to acquire Fairplay Towage's 50% interest in URS. Through this acquisition SMIT will become 100% shareholder of URS, the leading towage provider in Belgium. The total consideration for this transaction amounts to EUR 182.5 million. The transaction will be paid partly in shares and partly in cash. The calculation is based on SMIT's share price at closing of Euronext Amsterdam of 28 December 2007 of EUR 68.34. SMIT will increase its outstanding shares by issuing new shares to an amount of 9.99% of its outstanding shares, as per today which represents an amount of EUR 108 million. The cash consideration amounts to EUR 74.5 million. Closing of the transaction is expected in the first quarter of 2008 and is subject to regulatory competition authority filings and works council advice.
CEO Ben Vree of SMIT says that URS in Antwerp is of strategic interest in SMIT's network of harbour towage activities while the Antwerp harbour is expected to grow continuously. With this acquisition SMIT will be able to realize a number of synergies between its Rotterdam and Antwerp activities.
