RTTNews | Aug 24, 2020 07:24AM EDT

07:24 Monday, August 24, 2020 (RTTNews.com) - NN, Inc. (NNBR) entered an agreement under which the company's Life Sciences unit will be purchased by affiliates of American Securities LLC. The Life Sciences division will be purchased for $825 million, including $755 million in cash payable at closing of the transaction and an additional $70 million earnout payable in cash based on the 2022 performance of the Life Sciences division. The sale follows a comprehensive review of NN's businesses initiated by the company in November 2019.

NN expects to use the estimated $700 million in net proceeds from the sale to further pay down its debt and strengthen its balance sheet.

Read the original article on RTTNews ( https://www.rttnews.com/3123358/nn-inc-to-sell-life-sciences-unit-for-825-mln-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved