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Stock Market & Financial Investment News

News Breaks
March 17, 2014
08:18 EDTESEESCO Technologies to divest Aclara
ESCO Technologies announced that it has signed an agreement to divest Aclara Technologies to an affiliate of Sun Capital Partners. The gross cash proceeds from the transaction are expected to be approximately $150M, comprised of a $130M purchase price plus approximately $20M in cash related to specific Aclara receivables retained by ESCO. The agreement is also subject to normal working capital adjustments. The sale is expected to close in March. The net cash proceeds from the sale are estimated to be approximately $130M after taxes and expenses, which will result in a net debt position of less than $10M at March 31.
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