TORONTO--(BUSINESS WIRE)--Acasta Enterprises Inc. (TSX: AEF) (“Acasta” or the “Company”) announced today that it has entered into a definitive agreement with Henkel Canada Corporation, a wholly-owned subsidiary of Henkel AG & Co. KGaA, (“Henkel”) to sell JemPak Corporation (“JemPak”) 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 indebtedness.
Canaccord Genuity Corp. served as financial advisor and Goodmans LLP acted as legal counsel to Acasta, respectively.
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