Vista Outdoor To Sell Sporting Products Business For $1.91 Bln To Czechoslovak

(RTTNews) - Vista Outdoor Inc. (VSTO), a maker of outdoor sports and recreational products, on Monday announced a deal to sell its Sporting Products business to Czechoslovak Group a.s. or CSG, a Czech industrial-technological holding company, for $1.91 billion in cash.

The sale, expected to be closed in calendar year 2024, is supported by $1.11 billion of debt financing, and the rest funded by CSG.

Vista Outdoor will separate its Outdoor Products business from its Sporting Products business, and CSG will merge one of its subsidiaries with Vista Outdoor, holding only the Sporting Products business, with stockholders of Vista Outdoor receiving shares of Outdoor Products and around $750 million in cash. Upon completion of the sale of the Sporting Products business to CSG, Vista Outdoor's Outdoor Products business will become Revelyst, Inc., a publicly traded company trading on the New York Stock Exchange under symbol "GEAR."

Eric Nyman will continue as CEO of Outdoor Products and become the CEO of Revelyst upon the closing of the transaction.

Andy Keegan, currently vice president and interim CFO of Vista Outdoor, plans to join Revelyst as CFO.