Scotts Miracle-Gro Reports Offer To Sell European & Australian Businesses

(RTTNews) - The Scotts Miracle-Gro Company (SMG) announced the pending sale of its European and Australian businesses, a major step in its continued execution of 'Project Focus.' The company has received a binding and irrevocable offer for its European and Australian consumer operations from Exponent Private Equity LLP. The proposed transaction is valued at approximately $250 million.

The Scotts Miracle-Gro noted that the transaction could result in dilution by up to $0.20 per share in fiscal 2017. The company expects to largely offset that dilution in fiscal 2018 by using the cash proceeds of the transaction for acquisitions and share repurchase activities in both 2017 and 2018.