Electro Optic Systems (ASX:EOS) Completes Divestment, Repays Debt
Completion of EM Solutions Divestment
Electro Optic Systems Holdings Limited (ASX:EOS) has completed the sale of 100% of EM Solutions Pty Limited to Cohort plc for $158.6 million, exceeding the initially announced enterprise value of $144.0 million due to higher estimated contract balances.
Debt Repayment
Concurrent with the divestment, EOS repaid Washington H. Soul Pattinson $61.1 million, fully settling all outstanding amounts and resulting in zero borrowings on its balance sheet.
Financial Position
Following these transactions, EOS expects to hold approximately $128.0 million in cash and an additional $48.0 million in restricted cash as security for bank guarantees.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Electro Optic Systems. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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