GFF - Griffon closes $330M sale of Telephonics to TTM

Griffon (NYSE:GFF) has wrapped up a sale of its Telephonics Corp. to TTM Technologies (NASDAQ:TTMI), for $330M in cash. That amount is subject to certain post-closing adjustments, Griffon said. "This transaction unlocks immediate value for our shareholders and strengthens our balance sheet,” said Griffon Chairman/CEO Ronald Kramer. “Telephonics has been a part of Griffon for more than sixty years. We are proud of their accomplishments and confident the business will flourish as a part of TTM.” Lazard acted as financial adviser to Griffon on the deal. Last month, Griffon said it was reviewing strategic alternatives with the help of Goldman Sachs.

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Griffon closes $330M sale of Telephonics to TTM