- SSC Security (SECU) has signed a definitive agreement to acquire Avante Logixx (XX)
- It will acquire Avante at a 62-per-cent premium, creating the largest publicly-traded security company in Canada
- The companies expect the combination to drive significant growth and cross-selling opportunities in the physical and cybersecurity spaces
- Avante Logixx is a Toronto-based provider of high-end security services
- SSC Security provides physical and cybersecurity services to corporate and public sector clients across Canada
- Avante Logixx (XX) is up by 40.74 per cent trading at $1.52 per share
- SSC Security (SECU) is down by 3.14 per cent trading at $2.78 per share
SSC Security (SECU) has signed a definitive agreement to acquire Avante Logixx (XX).
The transaction creates the largest publicly-traded security company in Canada.
Avante shareholders will receive C$0.52 in cash plus 0.4155 SSC shares per Avante share held. This implies a consideration of $1.75 per Avante share, which amounts to a 62-per-cent premium.
SSC Security is funding the transaction from its current cash balance.
The companies expect the combination to drive significant growth and cross-selling opportunities in the physical and cybersecurity spaces.
Together, they have generated approximately $117M in revenue over the trailing twelve months ending September 30, 2021.
The transaction is subject to the approval of Avante shareholders. Avante plans to hold a meeting for this purpose in Q2 2022.
“This acquisition represents a critical step towards solidifying our position as a national player in both physical and cyber security services across Canada,” stated Doug Emsley, CEO of SSC Security.
“Given the clear alignment of mission, goals and culture between our two organizations, this transaction significantly improves our ability to drive even greater value and peace of mind for our customers,” stated Craig Campbell, Avante’s CEO.
Avante Logixx is a Toronto-based provider of high-end security services.
SSC Security provides physical and cybersecurity services to corporate and public sector clients across Canada.
Avante Logixx (XX) is up by 40.74 per cent trading at $1.52 per share as of 10:06 am EST.
SSC Security (SECU) is down by 3.14 per cent trading at $2.78 per share as of 10:13 am EST.
