Driven Brands Sells Canadian Unit To PGW Auto Glass, Plans To Use Proceeds For Debt Reduction; Deal Terms Not Disclosed
Portfolio Pulse from Benzinga Newsdesk
Driven Brands has sold its Canadian distribution unit to PGW Auto Glass, with plans to use the proceeds for debt reduction. The sale is expected to have minimal impact on the company's fiscal year 2024 outlook.
September 03, 2024 | 11:23 am
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Driven Brands has sold its Canadian distribution business to PGW Auto Glass. The proceeds will be used to reduce debt, with minimal impact expected on the fiscal year 2024 outlook.
The sale of the Canadian unit is a strategic move to reduce debt, which is generally positive for the company's financial health. However, the impact on the stock price is likely neutral in the short term as the sale is expected to have minimal impact on the fiscal year 2024 outlook.
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IMPORTANCE 70
RELEVANCE 90