Apollo Management Buys Jacuzzi Brands (JJZ) for $12.50/Share
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Jacuzzi Brands, Inc. (NYSE: JJZ) announced that a definitive merger agreement has been signed under which affiliates of private equity firm Apollo Management L.P. will purchase Jacuzzi Brands in a transaction having a total value of $1.25 billion, which includes the assumption of outstanding debt approximating $260 million, net of cash. Under the terms of the merger agreement, Jacuzzi Brands'
shareholders will receive $12.50 per share in cash.
The acquisition is subject to certain closing conditions, including the approval of Jacuzzi Brands' shareholders, regulatory approval, and the receipt by Apollo of all necessary debt financing, and is expected to close in the first quarter of 2007.
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