Prague, Czech Republic — Czech arms maker Ceska Zbrojovka (CZG) said Thursday it will buy the legendary US gun manufacturer Colt, including its Canadian unit.
“CZG shall acquire a 100% stake in Colt for upfront cash consideration of $220 million (180 million euros) and the issuance of 1,098,620 shares of newly issued CZG common stock,” the Czech company said in a press release.
CZG expects to finance the transaction with its own cash, income from a recent public offering and a planned bond issue.
The takeover is subject to approval by market regulators, but CZG said it wants the deal to be completed in the second quarter of the year.
“We are proud to include Colt, which has…
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