Hillenbrand announced that it has completed the sale of its Red Valve business to DeZURIK Inc. for $63 million. The deal price includes a cash payment of $58 million and notes payable worth $5 million. The diversified industrial company bought the Red Valve business, back in Feb. 2016, for a purchase price of $131.9 million in cash. Hillenbrand (HI) said that it plans to use the Red Valve sale proceeds for deleveraging its balance sheet, which is consistent with its current capital allocation priorities.
https://www.tipranks.com/news/hillenbrand-completes-63m-sale-of-red-valve-unit-street-sees-19-upside