Avantor To Divest Clinical Services Business - Quick Facts

(RTTNews) - Avantor, Inc. (AVTR) announced the signing of a definitive agreement to divest its clinical services business, including kitting, biorepository, and related equipment and ancillaries to Audax Private Equity for a transaction value of approximately $650 million. Avantor expects the transaction to result in approximately $475 million in after-tax cash proceeds and a reduction of approximately $50 million in capitalized leases.

Avantor plans to utilize the after-tax proceeds for debt paydown, which further strengthens the balance sheet and reduces interest expense.