Prestige Consumer Healthcare (PBH) has entered into a definitive agreement to acquire the Breathe Right brand and certain other brands from Foundation Consumer Healthcare for $1.045 billion, or approximately $900 million net of anticipated tax benefits valued at $150 million. The company plans to finance the acquisition with cash on hand and a new Term Loan credit facility.
The company said Breathe Right represents approximately two-thirds of the acquired portfolio's revenue and profitability and will be the largest brand in Prestige's portfolio.
In pre-market trading on NYSE, Prestige shares are up 1.57 percent to $61.00.
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