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Jacuzzi Brands, Inc. today 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 U.S. $1.25 billion, which includes the assumption of outstanding debt approximating U.S. $260 million, net of cash.
Under the terms of the merger agreement, Jacuzzi Brands' shareholders will receive U.S. $12.50 per share in cash. The transaction will be financed through a combination of equity contributed by Apollo and debt financing. The board of directors of Jacuzzi Brands has approved the merger agreement and has recommended to Jacuzzi Brands' shareholders that they vote in favor of the transaction. In connection with the proposed transaction, Jacuzzi Brands will make a cash tender offer for all of its outstanding 9.625 percent senior secured notes due 2010.
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