(Alliance News) - SAES Getters Spa announced Monday the closing of the transaction to divest the Nitinol business and, specifically, the U.S. subsidiaries Memry Corporation and SAES Smart Materials, Inc. to the U.S. company Resonetics, LLC.

The divestment price is USD900 million, approximately 17 times the adjusted Ebitda related to the divestment perimeter in the period October 1, 2021-September 30, 2022, plus a negative adjustment of USD21.6 million, calculated based on the estimated value of working capital, debt and cash on the date of closing, resulting in a provisional price at closing of USD878.4 million, corresponding to approximately EUR829.1 million if converted at current exchange rates, the company note said.

The provisional price at closing results in a capital gain of about EUR698.3 million. Deducting transaction-related costs, estimated at around EUR120.6 million, the net capital gain for the group is, therefore, expected to be in the region of EUR577.7 million.

The board of directors then approved guidelines regarding the use of these proceeds. These include the distribution of a dividend, for fiscal year 2023, of EUR12.51 per share, for a total dividend payout, related to the fiscal year, of around EUR210 million, and the promotion by SAES Getters of a voluntary partial tender offer for a maximum of 5.7 million of its own ordinary shares at a price of EUR24.56 per share for a total maximum consideration of EUR139.9 million.

The remaining proceeds, estimated on the basis of the provisional price at closing, net of disbursements related to the dividend and the takeover bid, indicatively amounting to approximately EUR350 million, will be used to implement a new industrial plan for organic and inorganic growth, consistent with the SAES Group's technical and scientific expertise.

SAES Getters' stock rises 5.3 percent to EUR34.60 per share.

By Chiara Bruschi, Alliance News reporter

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