May 8, 2018 / 8:54 AM / 10 months ago

Pencil maker Dixon Ticonderoga to buy U.S.-based Pacon for $340 million

(Reuters) - Pencil maker Dixon Ticonderoga, which is owned by Italian group Fila (FILA.MI), agreed to buy U.S.-based school art and craft products supplier Pacon Group for $340 million.

Pacon deal is expected to double Fila’s sales in the United States, the Italian group said in a statement.

It added that the enterprise value of the deal is $325 million, excluding $15 million in tax benefits. Fila plans to finance the deal with its existing medium/long-term loan.

Fila’s board also proposed a rights offering of up to 100 million euros ($119.09 million) to be used for the early repayment of debt.

($1 = 0.8397 euros)

Reported by Anna Rzhevkina in Gdynia, editing by Louise Heavens

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