Vista Outdoor Inc (NYSE: VSTO) shares are trading lower by around 20% after the company announced asset sales and lowered its FY24 outlook.
The company inked a definitive deal to sell its Sporting Products business to Czechoslovak Group a.s. (CSG) for $1.91 billion in an all-cash transaction, subject to customary closing conditions.
The transaction cost implies 5x enterprise value to Sporting Products FY24 EBITDA, including estimated standalone costs.
The deal is expected to close in the calendar year 2024, subject to stockholders and regulatory approvals and other customary closing ...