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July 21, 2014
08:18 EDTNNBRNN, Inc. agrees to acquire Autocam
NN, Inc. announced that it has entered into a definitive agreement to acquire Autocam for $244.5M in cash, $25M in stock and the assumption of $30.5M in debt. The transaction is expected to be immediately accretive to earnings. The company anticipates the transaction to close in the third quarter, subject to customary closing conditions and regulatory approval. NN was advised on the transaction by KeyBanc Capital Markets. With expected 2014 sales of approximately $250 million, Autocam employs over 2,100 employees and has operations in 15 facilities in the U.S., Europe, South America and Asia. The expected 2014 sales do not include approximately $42 million in expected sales from a 49% Chinese joint venture accounted for under the equity method.
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