Exide Technologies, a global provider of stored energy solutions, announced the successful conclusion of its auction for its Americas business.
This conclusion held as part of its court-supervised sale process, with the Company’s determination that a proposal from an affiliate of Atlas Holdings LLC (“Atlas”), is the highest or otherwise best offer.
Atlas and its affiliates own and operate 20 industrial manufacturing, distribution/logistics companies worldwide, with more than 150 facilities.
Under the terms of the proposed agreement (filed with the U.S. Bankruptcy Court), the affiliate of Atlas will acquire assets comprising substantially all of Exide’s ongoing Americas business and operations for approximately $178.6 million, subject to adjustments, and assume certain liabilities related to the acquired assets.
The Agreement contemplates the continued operation of Exide’s transportation, recycling, and GNB Industrial Power businesses.
Separately, Exide has entered into an agreement under which an ad hoc group of the Company’s prepetition noteholders would continue as owners of its EMEA and Asia-Pacific business.
The noteholders intend to maintain continued employment of the Company’s workforce in these regions.
“We are gratified to have generated strong interest in our Americas business and delighted to have reached this agreement with affiliates of Atlas, an investor with significant operational and financial resources and a proven track record of building strong, high-performance organizations.
—Tim Vargo, Chairman, President, and CEO of Exide Technologies.
“Under new ownership, our Americas business will continue delivering high-quality energy storage solutions and service to our customers, maximizing future growth and profitability,” added Vargo.
“We are very excited about acquiring the assets of Exide’s America’s business,” said Jacob Hudson, Managing Partner, Atlas Holdings.
“We believe that, with a clean start and a strong balance sheet, the Exide Americas business has a very bright future, and we are looking forward to investing in its growth.”
The Agreements will be subject to Court approval, currently scheduled for a hearing on August 6, 2020, as well as customary closing conditions.