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VELAN STRENGTHENS FINANCIAL POSITION WITH COMPLETION OF ASBESTOS LIABILITY DIVESTITURE
VELAN STRENGTHENS FINANCIAL POSITION WITH COMPLETION OF ASBESTOS LIABILITY DIVESTITURE ...
About this update from Velan Inc.
[{"type":"text","content":"\n\n\n\n VELAN STRENGTHENS FINANCIAL POSITION WITH COMPLETION OF ASBESTOS LIABILITY DIVESTITURE\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n MONTREAL\n \n\n ,\n \n\n April 3, 2025\n \n\n /CNW/ - Velan Inc. (TSX: VLN) (\"Velan\" or the \"Company\"), a world-leading manufacturer of industrial valves, announced today the successful completion of the permanent divestiture of its asbestos-related liabilities to an affiliate of Global Risk Capital at a cost to the Company of approximately\n \n US$143 million\n \n (the \"Asbestos Divestiture Transaction\"). Originally announced on\n \n January 14, 2025\n \n , the Asbestos Divestiture Transaction marks a significant step in Velan's strategic financial realignment.\n \n\n The Company funded the Asbestos Divestiture Transaction with a portion of the proceeds from the sale, by the Company's wholly-owned subsidiary, Velan Valves Limited, of 100% of the share capital and voting rights of its French subsidiaries, Segault SAS and Velan S.A.S., to Framatome SAS (the \"France Transaction\" and, collectively with the Asbestos Divestiture Transaction, the \"Transactions\"), which closed earlier this week.\n \n\n\n ADVISORS\n \n\n\n In connection with the Asbestos Divestiture Transaction, Ducera Partners LLC is acting as exclusive financial advisor to the Company. Legal counsel was provided by Latham & Watkins LLP in connection with the Asbestos Divestiture Transaction and related corporate matters. Davies\n \n Ward Phillips\n \n & Vineberg LLP is also acting as legal advisor to the Company.\n \n Jones Day\n \n is acting as legal advisor to Global Risk Capital.\n \n\n\n CAUTION REGARDING FORWARD-LOOKING STATEMENTS\n \n\n\n Certain statements made in this news release are forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements related to the expected benefits of the Transactions and other statements that are not material facts. Often, but not always, forward-looking statements can be identified by the use of forward-l...