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 conditions.
After the sale completion, VSTO's Outdoor Products business will become an independent publicly traded company, Revelyst, Inc., trading on the New York Stock Exchange under the ticker "GEAR."
The company has named Eric Nyman, current CEO of Outdoor Products, as CEO of Revelyst.
The company will announce its Q2 earnings results on November 2, 2023.
Price Action: VSTO shares are down 24.24% at $24.85 on the last check Monday.
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