Mativ completes sale of Engineered Papers for $620M cash, reduces debt by $641M

Mativ Holdings, Inc.

Gross purchase price $620M cash; net proceeds ~$669M after adjustments; debt repayment of $641M.
Pro forma 2022 net loss from continuing ops widened to $69.8M (vs historical $7.5M loss) due to EP profits removed.
Pro forma balance sheet: debt reduced from $1.7B to $1.06B; equity increased to $982M from $673M.
Goodwill impairment of $401M recorded in nine months ended Sep 2023; not adjusted in pro forma.

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