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Apollo Management, L.P. Completes Acquisition of Jacuzzi Feb 11, 2008 |
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Jacuzzi Brands, Inc. announced that affiliates of Apollo Management, L.P. have completed the acquisition of Jacuzzi Brands. As previously announced, on Oct. 11, 2006, the two companies entered into a definitive merger agreement, pursuant to which Apollo would acquire all of the outstanding common stock of Jacuzzi Brands for US$12.50 per share in cash and assume all outstanding debt, valuing the total transaction at approximately $1.25 billion.
Alex P. Marini, CEO of Jacuzzi Brands, will have a continuing role managing both Jacuzzi Bath and Zurn Industries following consummation of the merger. George M. Sherman, co-investor with Apollo, and non-executive chairman of Rexnord Corp. and former president and CEO of Danaher Corp., has assumed the role of non-executive chairman of Jacuzzi Bath.