Summary
Comfort Systems USA, Inc. (FIX) has entered into a significant agreement to sell 19 of its subsidiary operations to EMCOR-CSI Holding Co., a subsidiary of EMCOR Group, Inc. This divestiture, announced on February 11, 2002, is expected to bring in approximately $164.25 million in cash to Comfort Systems. Additionally, EMCOR Holding will assume roughly $22 million in debt related to these divested businesses, effectively reducing Comfort Systems' liabilities.
Key Highlights
- 1Comfort Systems USA, Inc. is divesting 19 subsidiary operations.
- 2The buyer is EMCOR-CSI Holding Co., a subsidiary of EMCOR Group, Inc.
- 3The transaction is expected to generate approximately $164.25 million in cash for Comfort Systems.
- 4EMCOR Holding will assume approximately $22 million in notes payable, reducing Comfort Systems' debt.
- 5The sale is subject to regulatory approval, including Hart-Scott-Rodino clearance.
- 6Customary closing conditions must also be met for the transaction to be finalized.
Frequently Asked Questions
The primary purpose of this 8-K filing is to announce a significant transaction where Comfort Systems USA, Inc. is selling 19 of its subsidiary operations to EMCOR-CSI Holding Co.
Comfort Systems is expected to receive approximately $164.25 million in cash from the sale. Furthermore, EMCOR Holding will assume about $22 million of Comfort Systems' notes payable, which will reduce the company's outstanding debt.
Yes, the transaction is subject to regulatory approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other standard closing conditions customary for such a transaction.
The buyer is EMCOR-CSI Holding Co., which is a wholly-owned subsidiary of EMCOR Group, Inc.