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NN, Inc. To Sell Life Sciences Unit For $825 Mln - Quick Facts

(RTTNews) - NN, Inc. (NNBR) entered an agreement under which the company's Life Sciences unit will be purchased by affiliates of American Securities LLC. The Life Sciences division will be purchased for $825 million, including $755 million in cash payable at closing of the transaction and an additional $70 million earnout payable in cash based on the 2022 performance of the Life Sciences division. The sale follows a comprehensive review of NN's businesses initiated by the company in November 2019.

NN expects to use the estimated $700 million in net proceeds from the sale to further pay down its debt and strengthen its balance sheet.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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