Ball completes sale of Aerospace to BAE Systems for $5.6B; pro forma shows lower earnings

BALL Corp

Completed on Feb 16, 2024 sale of Aerospace segment to BAE Systems for $5.6B; cash proceeds $5.47B.
Pro forma net earnings for 9M ended Sep 30, 2023: $368M (diluted EPS $1.16) vs reported $553M ($1.74).
Estimated pre-tax gain of ~$4.8B; transaction costs estimated at $85M, with $19M already incurred.
Pro forma 2022 net earnings: $515M (diluted EPS $1.61) vs reported $719M ($2.25).
Divestiture structured as asset sale for tax; estimated $1.0B current tax expense and $178M deferred tax reversal.

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