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Newell Brands selling off two businesses for $2.5B

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Consumer goods manufacturer Newell Brands signed definitive agreements to sell two businesses, Pure Fishing and Jostens, it announced Wednesday.

These transactions are expected to bring the Hoboken-based Newell $2.5 billion after taxes, subject to customary working capital and other transaction adjustments.

Newell signed a definitive agreement to sell fishing equipment company Pure Fishing to New York-based private equity firm Sycamore Partners. Pure Fishing’s 2017 net sales were approximately $556 million, according to Newell. Gross proceeds from the sale will be approximately $1.3 billion, the company said.

Jostens is being sold to Beverly Hills, Calif.-based private investment firm Platinum Equity. Jostens provides products, programs and services that celebrate achievements in education and sports, including yearbooks, publications, jewelry and consumer goods. Jostens brought in $768 million in 2017, and proceeds from the transaction are expected to be around $1.3 billion.

Both transactions are expected to close in the fourth quarter, subject to customary closing conditions, including regulatory approval.

Newell did not return a request for comment by press time.

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Gabrielle Saulsbery

Gabrielle Saulsbery

Albany, N.Y. native Gabrielle Saulsbery is a staff writer for NJBIZ and the newest thing in New Jersey. You can contact her at gsaulsbery@njbiz.com.

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