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Newell Brands Agrees To Sell Two Businesses, Pure Fishing And Jostens

Newell Brands (NWL) said that it agreed to sell two businesses, Pure Fishing and Jostens. Combined, these transactions are expected to contribute about $2.5 billion of after-tax proceeds.

The company has signed a definitive agreement to sell Pure Fishing to Sycamore Partners, a private equity firm specializing in consumer, distribution and retail-related investments. Pure Fishing is a provider of fishing tackle, lures, rods and reels with a portfolio of brands.

Gross proceeds from the Pure Fishing divestiture are anticipated to be $1.3 billion, subject to customary working capital and transaction adjustments. In 2017 net sales for Pure Fishing were approximately $556 million.

Newell Brands also signed a definitive agreement to sell Jostens to Platinum Equity, a private investment firm. Jostens, based in Minneapolis, is a trusted partner in the academic and achievement channel, providing products, programs and services that help its customers celebrate moments that matter. The company's products comprise yearbooks, publications, jewelry and consumer goods that serve the K-12 educational, college and professional sports segments.

Gross proceeds from the Jostens transaction are expected to be approximately $1.3 billion, subject to customary working capital and transaction adjustments. Jostens' 2017 net sales were $768 million.

Both transactions are expected to close in the fourth quarter, subject to customary closing conditions, including regulatory approval.

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