June 24 (Reuters) – Vista Outdoor (VSTO.N), opens new tab on Monday agreed to sell its sporting products and ammunition business to Czechoslovak Group (CSG) for about $2 billion, after the Prague-based defense firm raised its offer for a second time.
Vista would also be returning an additional $77 million of excess cash to its stockholders as part of the cash consideration in the CSG deal.
CSG in May had raised its offer to acquire the unit, called Kinetic Group, for $1.96 billion as it has been looking to widen its portfolio amid increasing demand for military equipment and ammunition after Russia’s invasion of Ukraine.
Source: REUTER
