Private equity firm will pay over $8 million in cash for shares and assume $40 million in liabilities.
Fenix Parts, Inc. (Pink Sheets:FENX), the auto recycler, today announced that it has entered into a merger agreement with the private equity firm Stellex Capital Management LP. Under the agreement, a Stellex-controlled affiliate will acquire the company for $0.40 per share in cash, or just over $8 million based upon its over 20 million share outstanding. Stellex will also assume over $40 million in operating and long-term liabilities, including $33 million of indebtedness.
According to the company the per share cash consideration,