Insituform acquires Corrpro

By Lisa Kerner

Charlotte, N.C., April 1 - Corrpro Cos., Inc. was acquired by a wholly owned subsidiary of Insituform Technologies, Inc. on Tuesday.

Each issued and outstanding share of Corrpro common stock has been converted into a right to receive cash consideration of approximately $1.4245 per share, a Corrpro news release said.

According to Corrpro, the acquisition was financed in part by a $50 million term loan under Insituform's new $115 million credit facility.

In February, Insituform announced an agreement to acquire Corrpro for about $1.44 per share. The per-share price was subject to reduction if Corrpro's debt or transaction expenses exceeded certain levels.

Corrpro, based in Medina, Ohio, provides corrosion protection and pipeline maintenance services to the energy and water infrastructure industries.

Insituform is a Chesterfield, Mo.-based company that provides proprietary trenchless technologies to rehabilitate, replace, maintain and install underground pipes.

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