Horizon Global Corporation (NYSE:HZN) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement.
As previously disclosed, on December 13, 2017, Horizon Global Corporation (the "Company") and Cequent Nederland Holdings B.V., a wholly-owned subsidiary of the Company (the "Purchaser"), entered into a Sale and Purchase Agreement (the "Purchase Agreement") with Cooperatief H2 Equity Partners Fund IV Holding W.A., a cooperative with exclusion of liability (Coöperatie U.A.) incorporated under the laws of the Netherlands ("Seller A"), Stichting Administratiekantoor Brink I, a foundation (stichting) incorporated under the laws of the Netherlands ("Seller B"), and Stichting Administratiekantoor Brink II, a foundation (stichting) incorporated under the laws of the Netherlands, ("Seller C", and collectively, with Seller A and Seller B, the "Sellers"), to acquire (the "Acquisition") Brink International B.V. and its subsidiaries (collectively, the "Brink Group").
Each of the Company, the Purchaser and the Sellers (collectively, the "Parties") entered into a mutual Termination and Settlement Agreement (the "Termination Agreement"), as of June 14, 2018, under which the Parties agreed that the Purchase Agreement, including all schedules and exhibits thereto, and all ancillary agreements contemplated thereby or entered into thereto, were terminated effective June 14, 2018. The Termination Agreement provides for a break fee payable to the Brink Group, of €4.75 million.
About Horizon Global Corporation (NYSE:HZN)
Horizon Global Corporation is a designer, manufacturer and distributor of a range of custom-engineered towing, trailering, cargo management and other related accessory products serving the automotive aftermarket, retail and original equipment (OE) channels. The Company operates through two segments: Cequent Americas and Cequent APEA. The Cequent Americas segment consists of two operating segments: Cequent Performance Products (CPP), a manufacturer of aftermarket and original equipment manufacturer (OEM) towing and trailering products and accessories, and Cequent Consumer Products (CCP), a provider of towing, trailering, vehicle protection and cargo management solutions serving the end user through retailers. The Cequent Americas segment has operates in North America, and its towing and trailering-related products are sold through retail, aftermarket and OE channels. The Cequent APEA segment focuses its sales and manufacturing efforts outside of the Americas, operating in Australia.
