Willbros closes sale of Bemis subsidiary for $19.2M

Willbros Group Inc. (NYSE: WG) has closed a transaction for the sale of its Bemis subsidiary to Riggs Distler & Co. Inc., a US subsidiary of NAPEC Inc. (TSX:NPC), of Quebec, Canada, for $19.2 million in cash, less customary closing costs, and subject to an escrow and to customary adjustments.

The transaction is effective Oct. 8, and will be reflected in fourth-quarter 2015 results. This sale, in conjunction with Willbros’ sale of its Professional Services segment, will reduce the company’s term loan debt to less than $100 million and provide $43 million to maintain Willbros’ liquidity and working capital.

Houlihan Lokey acted as financial advisor to Willbros, and Conner & Winters LLP acted as legal advisor.

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