READ MORECombined, these transactions are expected to contribute approximately $2.5 billion of after-tax proceeds, subject to customary working capital and other transaction adjustments, which will be deployed toward deleveraging and share repurchase.
The company has signed a definitive agreement to sell Pure Fishing to Sycamore Partners, a private equity firm specializing in consumer, distribution and retail-related investments.
Pure Fishing is a global provider of fishing tackle, lures, rods and reels with a portfolio of brands that includes Abu Garcia, All Star, Berkley, Chub, Fenwick, Greys, Hardy, Hodgman, Johnson, JRC, Mitchell, Penn, Pflueger, Sebile, Shakespeare, SpiderWire, Stren, and Ugly Stik.
Gross proceeds from the Pure Fishing divestiture are anticipated to be $1.3 billion, subject to customary working capital and transaction adjustments. ■