Vista Outdoor to sell Revelyst for $1.125B, amends agreement to acquire Kinetic

Vista Outdoor “announced it has entered into a definitive agreement with funds managed by Strategic Value Partners, LLC, and its affiliates, a global alternative investment firm with approximately $19B of assets under management, to sell Revelyst in an all-cash transaction based on an enterprise value of $1.125B. In connection with the SVP Transaction, Vista Outdoor also entered into an amendment to the merger agreement with Czechoslovak Group a.s. to acquire The Kinetic Group, increasing the purchase price for the Kinetic Group to $2.225B. The SVP Transaction has been unanimously approved by the Board and is expected to close by January 2025, subject to the completion of the CSG Transaction, as well as the receipt of necessary regulatory approvals and other customary closing conditions. Vista Outdoor and CSG have received all regulatory approvals required under the merger agreement for the CSG Transaction and are prepared to close the CSG Transaction prior to the end of 2024, subject to receipt of stockholder approval and satisfaction of other customary closing conditions. CSG and Vista Outdoor have mutually agreed to extend the termination date of the CSG merger agreement to December 11, 2024. The SVP Transaction is subject to the completion of the CSG Transaction. Together, the CSG Transaction and the SVP Transaction represent an enterprise value of $3.35B for Vista Outdoor and will deliver an estimated $45 per share in cash to Vista Outdoor stockholders. The SVP Transaction has been unanimously approved by the Board and is expected to close by January 2025, subject to the completion of the CSG Transaction, as well as the receipt of necessary regulatory approvals and other customary closing conditions. Vista Outdoor and CSG have received all regulatory approvals required under the merger agreement for the CSG Transaction and are prepared to close the CSG Transaction prior to the end of 2024, subject to receipt of stockholder approval and satisfaction of other customary closing conditions. CSG and Vista Outdoor have mutually agreed to extend the termination date of the CSG merger agreement to December 11, 2024. At the closing of the CSG Transaction, CSG will pay the Company $2.225 billion, subject to certain purchase price adjustments, and Vista Outdoor stockholders will receive $25.75 in cash per Vista Outdoor share and one share of Revelyst common stock for each share of Vista Outdoor common stock. At the closing of the SVP Transaction, SVP will pay Revelyst stockholders an aggregate of $1.125 billion, subject to a net cash adjustment, representing an estimated $19.25 in cash per share of Revelyst common stock, based on current management estimates of expected net cash of Revelyst as of the closing of the SVP Transaction. ”