ADG received euro 33.6 million (approximately US$46.6 million) at closing and another euro 2.0 million (approximately US$2.8 million) has been deposited into escrow in accordance with the Stock Purchase Agreement, for a total of euro 35.6 (approximately US$49.4 million).
Major General (Ret) John J. Marcello, President and Chief Executive Officer of The Allied Defense Group said, "The close of this transaction marks a key strategic event for ADG. The proceeds from VSKs sale will be available to reduce our debt with the balance added to working capital. ADG continues to restructure and recapitalize to maximize value for all of our shareholders."
The Allied Defense Group, Inc. was advised by Houlihan Lokey in connection with the transaction.
For more information, please send your e-mails to swm@infothe.com.
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