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Debt Financing / Related, Divestitures / Spin-offs

Itt Announces Sale Of Subsidiary Holding Legacy Liabilities To Delticus, An Affiliate Of Warburg Pincus

Published: 07/01/2021 11:04 GMT
ITT Inc (ITT) - Itt Announces Sale of Subsidiary Holding Legacy Liabilities to Delticus, an Affiliate of Warburg Pincus.
Itt Inc - Divests All Asbestos Obligations and Related Insurance Assets.
Itt - Divested Intelco Management, Unit That Holds Long-term Liabilities Including Asbestos Liabilities & Related Insurance Assets, to Delticus Holdco.
Itt Inc - Estimated Impact of Divesture Will Be a One-time After-tax Loss of Approximately $27 Million to Be Recorded in Q2 of 2021.
Itt Inc - Delticus to Assume Operational Management of Intelco, Including Administration of Asbestos Claims and Collection of Insurance Reimbursements.