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Mirion (MIR) investor relations material
Mirion M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Deal rationale and strategic fit
Acquisition expands nuclear power business in the U.S. and globally, strengthening relationships with SMR players, OEMs, and international customers.
Broadens portfolio and enhances offerings for both current and next-generation nuclear projects, including digital and modular solutions.
Brings strong human capital, best-in-class engineering talent, and long-term OEM relationships.
Increases nuclear power-related revenue exposure from 37% to 45% of consolidated revenue.
Supports long-term growth and is expected to be accretive to earnings.
Financial terms and conditions
Purchase price is $585 million in cash, representing 18x Paragon's expected 2026 EBITDA, or 14x post-synergies.
Supported by a fully committed bridge facility and a debt financing commitment, with permanent financing expected to be a mix of equity, debt, or equity-linked instruments.
Target pro forma net debt/EBITDA ratio of 3.5x or lower, with deleveraging in line with long-term targets.
Expected to be accretive to diluted EPS in the first full year post-acquisition.
Deal expected to close by year-end 2025, subject to customary regulatory approvals and closing conditions.
Synergies and expected cost savings
Anticipated commercial and cost synergies of $10 million annually by year five, including cross-selling and procurement efficiencies.
Synergy value expected to grow from ~$1M in year 1 to ~$10M by year 5.
Integration of business systems and knowledge sharing expected to drive further efficiencies and innovation.
Strong synergy potential from complementary product and service portfolios.
Commercial synergies include deeper relationship capital and cross-selling opportunities.
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