Admiral Acquisition Ltd Agrees to Take Over ASP Acuren in a $1.85 Billion Deal

Admiral Acquisition Ltd announced that it has reached an agreement to acquire the parent company of Acuren from American Securities LLC. The transaction, valued at approximately USD 1.85 billion, marks a significant expansion for Admiral Acquisition.

Admiral Acquisition, a special-purpose acquisition company (SPAC) based in the British Virgin Islands, signed a definitive agreement with an affiliate of funds managed by American Securities to acquire 100% of ASP Acuren. ASP Acuren is the parent company of Acuren, which Admiral describes as "a leading North American provider of critical asset integrity services." "The transaction combines Acuren's market-leading test, inspection, and services platform in North America with a management team experienced in driving both organic and inorganic growth and creating value for equity investors. Admiral Acquisition commented, "The founders of Admiral's expertise will complement this."

To fund the acquisition, Admiral has secured commitments to purchase ordinary shares at USD 10.00 each from a limited group of institutional shareholders, conditional upon the takeover closing. This move is expected to raise approximately USD 312 million. Before finalizing the acquisition, Admiral plans to launch a private placement to raise up to an additional USD 300 million. The purchase consideration will be funded through a combination of Admiral’s existing cash of about USD 560 million, proceeds from the private placement of approximately USD 312 million, loan facilities totalling around USD 1.81 billion, and commitments worth around USD 77.5 million to exercise warrants at USD 10.00 per share.

Admiral will "promptly" initiate the warrant financing, having received commitments to exercise around 31 million shares for approximately USD 77.5 million. The warrant financing is expected to raise up to roughly USD 138 million. Admiral Acquisition anticipates closing the deal early in the third quarter of this year. Shares in Admiral Acquisition traded up 0.8% at USD 9.40 in London late Wednesday morning. Admiral Acquisition Ltd is a special-purpose acquisition company based in the British Virgin Islands, focused on identifying and acquiring high-potential businesses to drive growth and create value for shareholders.