Horizon Global More Than Triples On Merger Deal With First Brands

1/3/23 7:32:29 AM ET

Auto Parts:O.E.M.

Consumer Discretionary

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Towing and trailering equipment producer Horizon Global Corp (NYSE:HZN) has entered into a definitive merger agreement with First Brands Group LLC.
First Brands will acquire Horizon Global for $1.75 per share in an all-cash deal.
The transaction represents a 31% premium to the trading price before the strategic alternative announcement in August 2022, and over 350% premium to the last closing price of $0.3888.
Horizon's portfolio of towing and trailering brands will complement First Brand's portfolio of braking solutions, filters, wiper blades, gas springs, spark plugs and fuel and water pumps.
"After consideration of a number of different alternatives, the Board believes this Transaction is the best path forward for shareholders to address Horizon Global's capital needs while supporting the long-term growth and sustainability of Horizon Global's business," said John C. Kennedy, interim CEO and Board Chair.
The transaction is expected to be completed in Q1 2023.
Price Action: HZN shares are trading higher by 339.81% at $1.71 in premarket on the last check Tuesday.
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