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Service Corporation International
SCI announced today the signing of a definitive agreement with Stewart Enterprises, Inc.
STEI to acquire all of Stewart's outstanding shares of Class A and Class B common stock for $13.25 per share in cash. The acquisition, which has been approved by the Board of Directors of both companies, has an enterprise value of $1.4 billion.
Tom Ryan, SCI's President and Chief Executive Officer, commented on the announcement today: "We are very pleased to announce this agreement to merge Stewart Enterprises into our Company. Throughout its 100 year history, and for the last five decades of Frank Stewart's tremendous leadership, Stewart Enterprises has compiled an impressive portfolio of high quality funeral homes and cemeteries across North America. This network of funeral homes and cemeteries, led by Stewart's outstanding 4,800 associates, enjoys a tremendous leadership position in their communities with a reputation of providing families with superior and compassionate service. We are extremely excited by the prospect of working alongside the Stewart associates and continuing to build on their success."
The acquisition will expand SCI's unparalleled network in the highly fragmented funeral and cemetery industry in North America. The combined company is
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