Hillenbrand, Inc.: M&A transaction — Hillenbrand completes sale of Batesville for $761.5M; expects ~$530M net proceeds for debt reduction

Hillenbrand, Inc.

Closed Feb 1, 2023; total consideration $761.5M ($750M cash + $11.5M subordinated note).
After-tax net proceeds expected ~$530M; funds to be used for existing debt reduction.
Pro forma continuing ops: FY2022 revenue $2.32B, net income $131.1M, diluted EPS $1.82.
Debt paydown of $106.6M planned from proceeds; retained earnings reduced by $145.2M tax obligation.
Batesville contributed $625.6M revenue and $84.0M net income in FY2022.

item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Hillenbrand, Inc. completed a disposition involving BL Memorial Partners, LLC for $761,500,000 (closed 2023-02-01).

Action: disposition
Counterparty: BL Memorial Partners, LLC
Consideration: $761,500,000
Closing: 2023-02-01

Exact text from the filing

(the “Business”) by acquiring all of the outstanding equity interests in the entities that own and operate the Business (the “Transaction”) for an aggregate purchase price of $761,500,000, consisting of $750,000,000 in cash (subject to specified adjustments as set forth in the Agreement) and $11,500,000 in the form of a subordinated note. The Transaction was

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Source: SEC EDGAR

accession 0001104659-23-011231

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