ScottsMiracle-Gro Announces Closing of Global Professional Business Sale
The Scotts Miracle-Gro Company (NYSE: SMG) announced today the closing of the previously announced sale of its Global Professional business to ICL (TASE: ICL) for US$270 million in an all-cash transaction. After agreed upon adjustments at closing for pension liabilities and working capital, the effective purchase price is approximately US$255 million, which may be further adjusted pursuant to the terms of the purchase and sale agreement.
ScottsMiracle-Gro plans to apply net proceeds of the sale toward capital investments and debt retirement.
The sale is in keeping with the Company's stated goal of focusing more intently on its core consumer businesses.
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