Wolverine World Wide Has Sold The Sperry Brand To Authentic Brands Group And The ALDO Group. The Transaction Closed On January 10, 2024, And Will Generate Total Proceeds Of Approximately $130M In Q1 To Pay Down Debt
Portfolio Pulse from Benzinga Newsdesk
Wolverine World Wide (WWW) has completed the sale of the Sperry brand to Authentic Brands Group and The ALDO Group on January 10, 2024. The deal will result in total proceeds of around $130 million in Q1, which will be used to pay down debt.
January 11, 2024 | 11:33 am
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Wolverine World Wide's sale of Sperry to Authentic Brands Group and The ALDO Group for $130M will bolster its Q1 proceeds and aid in debt reduction.
The sale of a brand can be seen as a positive move for Wolverine World Wide as it provides a significant cash inflow of approximately $130 million. This liquidity boost is specifically earmarked for debt reduction, which can improve the company's balance sheet and potentially its creditworthiness. In the short term, this news is likely to be viewed favorably by investors, as it demonstrates proactive financial management and could lead to improved financial ratios.
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