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BRIEF-Premier Farnell to sell Akron Brass unit for $224 mln
February 5, 2016 / 7:13 AM / 2 years ago

BRIEF-Premier Farnell to sell Akron Brass unit for $224 mln

Feb 5 (Reuters) - Premier Farnell Plc

* disposal of akron brass for us$224.2 million to create a more focused business

* entered into a conditional agreement with respect to sale of akron brass holding corp. (“akron brass”) to idex corporation for cash consideration of us$224.2 million ( “disposal”).

* net cash proceeds arising from disposal will be used to reduce premier farnell’s existing indebtedness and to redeem its preference shares.

* represents an attractive enterprise valuation of approximately 8.8x akron brass fy15 ebitda

* net cash proceeds arising from disposal will be used to reduce premier farnell’s existing indebtedness and to redeem its preference shares

* completion is expected by end of march 2016

* fy16 profit outcome is expected to be broadly in line with recent guidance

* lazard & co., limited (“lazard”) is acting as lead financial adviser in relation to disposal

* proposed disposal of akron brass for us$224.2 million to create a more focused business

* has entered into a conditional agreement with respect to sale of akron brass holding corp to idex corporation for cash consideration of us$224.2 million

* total consideration of us$224.2 million (£153.8 million), payable in cash on completion, subject to customary adjustments

* net cash proceeds arising from disposal will be used to reduce premier farnell’s existing indebtedness and to redeem its preference shares

* completion is expected by end of march 2016 Source text for Eikon: Further company coverage: (Reporting By UK Bureau)

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