Service Corp. Closes Acquisition Of Stewart Enterprises

(RTTNews) - Service Corp. International (SCI), a provider of deathcare products and services, said Monday it has completed its acquisition of Stewart Enterprises Inc. (STEI). As per the terms, each outstanding share of Stewarts' common stock has been converted into the right to receive $13.25 in cash.

As a result of the acquisition, the common stock of Stewart will cease to be publicly traded and will no longer be listed on the Nasdaq Stock Market.

The acquisition was completed following SCI's agreement with the U.S. Federal Trade Commission to the entry of a consent decree and an Order to Hold Separate and Maintain Assets which has been accepted by the FTC for public comment. The consent decree requires SCI to divest certain Stewart and SCI assets. These assets include 91 locations with 2012 EBITDA of approximately $53 million.

SCI has commenced discussions with potential buyers and expects to complete all divestitures within the six month time period required by the consent decree. Buyer interest in the divestiture assets continues to be robust.