Anixter International Announces Sale of Aerospace Division to Greenbriar Equity for $155M Cash

Anixter International Inc. AXE today announced that it has entered into a definitive agreement to sell its Aerospace Hardware Division to entities controlled by Greenbriar Equity Group LLC. Under the terms of the agreement Anixter will receive $155 million in cash, subject to a net working capital adjustment, and up to an additional $30 million if certain milestones are achieved on or before December 31, 2013. The transaction is expected to be completed during the third quarter subject to regulatory approval and customary closing conditions.