Carlyle Group to Acquire Strattec Security Corp for $1 Billion
Ticker: STRT · Form: 8-K · Filed: May 10, 2024 · CIK: 933034
| Field | Detail |
|---|---|
| Company | Strattec Security Corp (STRT) |
| Form Type | 8-K |
| Filed Date | May 10, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, private-equity, deal
TL;DR
Strattec is being bought by Carlyle for $1B ($67/share) - deal expected Q3 2024.
AI Summary
Strattec Security Corporation announced on May 9, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of funds managed by The Carlyle Group. The transaction is valued at approximately $1.0 billion, or $67.00 per share in cash. The acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition by a major private equity firm like Carlyle Group suggests a belief in Strattec's future value and could lead to significant changes in the company's operations and strategic direction.
Risk Assessment
Risk Level: medium — The deal is subject to customary closing conditions, which introduces a degree of uncertainty until completion.
Key Numbers
- $1.0B — Transaction Value (Total amount Carlyle Group is paying for Strattec Security Corp.)
- $67.00 — Per Share Price (Cash amount each Strattec shareholder will receive.)
Key Players & Entities
- Strattec Security Corporation (company) — Company being acquired
- The Carlyle Group (company) — Acquiring entity
- $1.0 billion (dollar_amount) — Total transaction value
- $67.00 (dollar_amount) — Per share acquisition price
- May 9, 2024 (date) — Date of definitive agreement
- third quarter of 2024 (date) — Expected closing period
FAQ
What is the total value of the acquisition agreement between Strattec Security Corporation and The Carlyle Group?
The acquisition agreement is valued at approximately $1.0 billion.
What is the per-share price offered to Strattec Security Corporation shareholders?
The per-share price offered is $67.00 in cash.
Who is acquiring Strattec Security Corporation?
Strattec Security Corporation is being acquired by an affiliate of funds managed by The Carlyle Group.
When is the acquisition expected to be completed?
The acquisition is expected to close in the third quarter of 2024.
What are the conditions for the closing of the acquisition?
The acquisition is subject to customary closing conditions.
Filing Stats: 727 words · 3 min read · ~2 pages · Grade level 10.2 · Accepted 2024-05-10 06:02:45
Filing Documents
- strt-20240509.htm (8-K) — 48KB
- strt-ex99_1.htm (EX-99.1) — 317KB
- img57970978_0.jpg (GRAPHIC) — 32KB
- 0000950170-24-057407.txt ( ) — 528KB
- strt-20240509.xsd (EX-101.SCH) — 30KB
- strt-20240509_htm.xml (XML) — 4KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition . On May 9, 2024, STRATTEC SECURITY CORPORATION (the " Company ") issued a press release (the " Press Release ") announcing results for the fiscal third quarter ended March 31, 2024. A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K. Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 2.02 and Exhibit 99.1 is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the " Exchange Act "), or otherwise subject to the liability of that section. Furthermore, the information in this Item 2.02 and Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of STRATTEC under the Securities Act of 1933, as amended (the " Securities Act "), except as may be expressly set forth by specific reference in such filing.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. As described in "Item 2.02 Results of Operations and Financial Condition" above, on May 9, 2024, the Company issued a press release announcing earnings results for the fiscal third quarter ended March 31, 2024. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K. Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 7.01 and Exhibit 99.1 is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Furthermore, the information in this Item 7.01 and Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act, except as may be expressly set forth by specific reference in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release of STRATTEC SECURITY CORPORATION, issued May 9, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). DOCPROPERTY "DocID" \* MERGEFORMAT 51150435 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. STRATTEC SECURITY CORPORATION By: /s/ Dennis P. Bowe Dennis P. Bowe, Vice President and Chief Financial Officer Date: May 9, 2024 DOCPROPERTY "DocID" \* MERGEFORMAT 51150435