Alliant Techsystems To Buy Bushnell Group For $985 Mln In Cash - Quick Facts

(RTTNews) - Alliant Techsystems Inc. (ATK) announced Thursday that it agreed to acquire Bushnell Group Holdings Inc, a designer, marketer and distributor of branded sports optics, outdoor accessories and performance eyewear, for $985 million in cash, subject to customary post-closing adjustments.

Bushnell's projected sales for calendar 2013 are approximately $600 million.

Alliant Techsystems expects the acquisition to result in fiscal 2014 earnings per share dilution due to the stub period, transaction expenses and purchase accounting. It expects the acquisition to be accretive to earnings per share in its first full year of operations (fiscal 2015), including impacts associated with transition expenses, and estimates fiscal 2016 earnings per share accretion of approximately $1.00.

As part of this transaction, Alliant Techsystems has secured a $900 million senior secured acquisition financing commitment. The company said it will finance the acquisition through a combination of this new financing, borrowings under its existing revolving credit facility, and cash on hand.

The transaction is subject to regulatory approvals and customary closing conditions. The firm anticipates closing the transaction in the third or fourth quarter of its Fiscal Year 2014.