Financing the Deal
Admiral plans to finance the transaction with a $1.06 billion loan and a $75 million revolving credit facility, alongside $560 million of its cash reserves and equity proceeds worth approximately $312 million. The SPAC also plans to sell shares worth up to $138 million, with institutional shareholders committing to purchase stock at $10 each, contingent upon the transaction’s completion.
Admiral’s board has unanimously approved the proposed acquisition. Completion is still subject to certain undisclosed conditions. If approved, Acuren will merge with a newly-formed U.S. subsidiary of Admiral. The company specializes in testing and inspecting the integrity of infrastructure assets across various industries. Admiral anticipates Acuren will generate approximately $190 million in revenue during the 2024 fiscal year.
