Vista Outdoor Inc. ("Vista Outdoor") has announced that its stockholders have approved the sale of the Kinetic Group to Czechoslovak Group a.s. ("CSG"). The CSG transaction is set to close on November 27, 2024, following the receipt of all regulatory approvals. As per the terms of the transaction, Vista Outdoor stockholders will receive $25.75 in cash and one share of Revelyst common stock for each share of Vista Outdoor common stock they hold.
The approval from stockholders was overwhelming, with approximately 97.89% of votes cast in favor of the CSG transaction, representing approximately 82.57% of all outstanding shares.
Following the closure of the CSG transaction, Revelyst will start trading on the New York Stock Exchange under the ticker "GEAR." Funds managed by Strategic Value Partners, LLC ("SVP") are also set to acquire Revelyst in an all-cash transaction based on an enterprise value of $1.125 billion. At the closing of the SVP transaction, Revelyst stockholders will receive an estimated $19.25 in cash per share of Revelyst common stock.
Morgan Stanley & Co. LLC is acting as the sole financial adviser to Vista Outdoor, while Cravath, Swaine & Moore LLP is acting as the legal adviser to Vista Outdoor. Moelis & Company LLC is serving as the sole financial adviser to the independent directors of Vista Outdoor, with Gibson, Dunn & Crutcher LLP as the legal adviser to the independent directors.
Vista Outdoor is the parent company of more than three dozen renowned brands that design, manufacture, and market sporting and outdoor products. Some of its brands include Bushnell, CamelBak, Fox Racing, Bell Helmets, and Federal Ammunition. As a result of these announcements, the company's shares have moved -0.1% on the market, and are now trading at a price of $44.39. For the full picture, make sure to review Vista Outdoor's 8-K report.
