Imperial Sugar Co. (IPSU) to Sell 50% Interest in Wholesome Sweeteners for ~$55M-$60M
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Imperial Sugar Company (Nasdaq: IPSU) has entered into a definitive agreement to sell its 50% interest in Wholesome Sweeteners, Inc. to an affiliate of Arlon Group, a private investment group focused on food and agriculture.
Imperial’s net proceeds from the sale are estimated to be between $55 million to $60 million cash, subject to adjustment based on Wholesome’s working capital and revolving credit borrowings at the time of closing. Closing of the transaction, which is subject to consummation of the buyer’s debt financing, customary regulatory approvals and certain other closing conditions, is expected to occur in April 2012. Imperial expects to report a gain of $35 million to $40 million upon completion of the sale.
Imperial’s net proceeds from the sale are estimated to be between $55 million to $60 million cash, subject to adjustment based on Wholesome’s working capital and revolving credit borrowings at the time of closing. Closing of the transaction, which is subject to consummation of the buyer’s debt financing, customary regulatory approvals and certain other closing conditions, is expected to occur in April 2012. Imperial expects to report a gain of $35 million to $40 million upon completion of the sale.
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