Shares of specialty materials company, Mativ Holdings, Inc. (MATV) are surging more than 13% Tuesday morning after announcing the proposed sale of its Engineered Papers business for $620 million to Evergreen Hill Enterprise, Pte. Ltd.
Net proceeds of about $575 million in the proposed transaction, which is binding on Evergreen, would be primarily used for paying down debts.
The transaction is expected to close in the fourth quarter of 2023.
MATV is at $17.65 currently. It has traded in the range of $13.92 – $28.99 in the last 52 weeks.
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