Mr. Ian Kidson reports
ACASTA ENTERS INTO DEFINITIVE AGREEMENT TO SELL JEMPAK CORPORATION
Acasta Enterprises Inc. has entered into a definitive agreement with
Henkel Canada Corp., a wholly owned subsidiary of Henkel AG & Co.
KGaA, to sell JemPak Corp. at
a purchase price of $118-million on a cash-free and debt-free basis,
subject to customary working capital adjustments and indemnities.
"This transaction further improves the capital structure of Acasta as we
look to significantly pay down our aggregate indebtedness," commented
Ian Kidson, interim chief executive officer of the company.
The parties expect the transaction to close on or about May 31, 2018.
The proceeds from the sale of JemPak will be used to further pay down
Canaccord Genuity Corp. served as financial adviser and Goodmans LLP
acted as legal counsel to Acasta, respectively.
We seek Safe Harbor.
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