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Weekly Digest July 13

Weekly M&A Digest
A curated selection of transactions and deals from the past week.
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Deal Summary

The Paper Excellence Group to acquire Resolute Forest Products

The Paper Excellence Group, through its wholly-owned subsidiary, Domtar Corporation, a global diversified manufacturer of pulp and specialty printing, writing, and packaging papers, announced the acquisition of Resolute Forest Products Inc. (NYSE: RFP), a global forest products company for $2.7 billion.

"We are excited to welcome Resolute and its employees to the Paper Excellence family. Resolute is an ideal fit for our long-term growth strategy. It complements our existing pulp, paper, and packaging businesses and adds capabilities in lumber and tissue. We have seen firsthand that Resolute prides itself on its great people, strong assets, and a culture of excellence going back more than two hundred years." - Patrick Loulou, vice chair and chief strategy officer at the Paper Excellence Group

The transaction is subject to regulatory approvals and customary closing conditions.

Vista Outdoors to acquire Fox Racing from Altamont Capital Partners

Vista Outdoors Inc. (NYSE: VSTO), the parent company of more than three dozen renowned brands that design, manufacture, and market sporting and outdoor products, announced the acquisition of Fox Racing, a leading global performance brand of motocross, mountain bike, and lifestyle gear, from Altamont Capital Partners.

"Altamont has been proud to partner with the Fox Racing team to build upon the legacy and leadership of the brand…Altamont believes in making purposeful, long-term investments that allow us to build strong businesses through collaborative work with our partners. We are grateful for the leadership of CEO Jeff McGuane and all the efforts of the entire Fox Racing family. We are proud of what we accomplished together over the course of our partnership." - Keoni Schwartz, Co-Founder and Managing Director at Altamont Capital Partners.

The transaction is expected to close during the third quarter of 2022.

Tenaris to acquire Benteler North America Corporation

Tenaris S.A. (NYSE: ET), a supplier of steel tubes and related services for different industries, announced the acquisition of Benteler North America Corporation, a Benteler group company, for $460 million. Benteler Steel & Tube Manufacturing Corporation is a U.S. producer of seamless steel pipe, with an annual pipe rolling capacity of up to 400,000 metric tons at its production facility located in Shreveport, Louisiana. The acquisition would further expand Tenaris's production range and local manufacturing presence in the U.S. market.

The transaction is subject to regulatory approvals and customary closing conditions.

Essity to acquire Knix and Modibodi

Essity AB, a global hygiene and health company, announced the acquisition of Modibodi, a leakproof apparel company, for AUD 140 million and 80% of Knix Wear Inc., a provider of leakproof apparel for periods and incontinence, for USD 320 million.

"I am delighted to welcome Knix to Essity. It's a successful company with an impressive track record. Essity is now becoming the global market leader in leakproof apparel, which is an important step towards our goal of being the world's fastest growing company in Intimate Hygiene, providing increased well-being for customers and consumers," - Magnus Groth, President and CEO at Essity.

"The acquisition of Modibodi strengthens Essity's position in leakproof apparel and enables faster growth within better-for-you, better-for-the-planet solutions. Modibodi has the qualities we are looking for with leading market positions, strong brand and sustainability credentials as well as excellent digital marketing and e-commerce capabilities", - Magnus Groth, President and CEO at Essity.

Titan Machinery to acquire Heartland Ag Systems

Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, announced the acquisition of Heartland Ag Systems, Heartland Solutions, and related affiliates. The most significant Case I.H. Application Equipment distributorship in North America provides application-focused solutions for the commercial applicator for $110 million.

"We are proud to announce our definitive agreement to acquire Heartland Ag Systems today. This transaction is significant for Titan Machinery both in size and strategic fit. Most importantly, this gives Titan Machinery access to the full product line of Case I.H. application equipment, including self-propelled sprayers and fertilizer applicators, along with incremental sales opportunities to package with tractors, tillage, and construction equipment to the commercial application customer. The increased parts, service and technical capabilities we bring to the commercial application customers in our highly productive core Agriculture footprint, combined with the long-term business relationships Heartland has developed with the commercial application customers, will be a win/win for Titan Machinery, Heartland, Case I.H., and the hundreds of commercial application providers in our core markets." - David Meyer, Titan Machinery's Chairman and CEO.

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