Azz inc. completes divestiture of majority interest in the company's infrastructure solutions segment

Fort worth, texas , oct. 3, 2022 /prnewswire/ -- azz inc. ("azz" or the "company") (nyse: azz), and fernweh group llc ("fernweh"), jointly announced today that as of friday evening, september 30, 2022 they completed the previously announced transaction whereby azz contributed its azz infrastructure solutions segment1 ("ais") to ais investment holdings llc (the "ais jv") and sold a 60% interest in the ais jv to fernweh at an implied enterprise value of $300 million. azz anticipates approximately $228 million of cash proceeds, subject to certain customary purchase price adjustments, and will use $210 million to pay down its term loan b and the balance to pay on its revolving credit facility.
AZZ Ratings Summary
AZZ Quant Ranking