A Subsidiary of Synalloy Corporation Enters into a Definitive Agreement to Acquire the Assets of American Stainless Tubing, Inc.
Synalloy Corporation (SYNL)
US:NASDAQ Investor Relations:
investor.synalloy.com/investor-relations
Company Research
Source: GlobeNewswire
RICHMOND, Va., Dec. 04, 2018 (GLOBE NEWSWIRE) -- Synalloy Corporation (Nasdaq: SYNL) today announced that its wholly-owned subsidiary, ASTI Acquisition, LLC, has signed a definitive agreement to acquire substantially all of the assets of American Stainless Tubing, Inc. (ASTI). The parties expect the transaction to close on or by January 1, 2019. The cash purchase price for the transaction is expected to range between $27 and $28 million including ASTI’s right to receive revenue-based earn-out payments over a three-year period following closing. At closing, the company plans to title ASTI’s real estate to its sale lease-back partner, Store Capital, who will purchase ASTI’s real estate for $5 million. Subsequently ASTI’s real estate will be incorporated into Synalloy’s long-term master lease agreement with Store Capital on terms and conditions consistent with other Synalloy/Store leases. Synalloy will sublease the facilities to ASTI Acquisition, LLC, which after closing, will be
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