Spirit AeroSystems Holdings, Inc. (SPR)

Aerospace / Defense

3937

Yes. Spirit AeroSystems announced on June 30, 2024, that it entered into a term sheet with Airbus SE for the divestment of certain Airbus program assets. This divestiture is a condition for the completion of Spirit's merger with Boeing, which is expected to close by mid-2025.

GOODYEAR TIRE & RUBBER CO /OH/ (GT)

Auto Components

2216

In July 2024, Goodyear agreed to sell its Off-the-Road (OTR) tire business for $905 million in cash. The deal is expected to close by early 2025, with proceeds used to reduce debt and support the Goodyear Forward transformation plan.

GERMAN AMERICAN BANCORP, INC. (GABC)

Banks

1121

In Q2 2024, German American Bancorp announced the sale of its wholly-owned subsidiary, German American Insurance, Inc., for $40 million.

CITIZENS FINANCIAL SERVICES INC (CZFS)

Banks

216

During the first quarter of 2024, the Company executed the sale of online lending platform known as Braavo Braavo division.

HEARTLAND FINANCIAL USA INC (HTLF, HTLFP)

Banks

2179

HTLF Bank completed the sale of all nine Rocky Mountain Bank branches in Montana in mid-July, transferring $348.8 million in loans, $538.3 million in deposits, and $13.2 million in fixed assets to two purchasers. These assets were categorized as available for sale as of June 30, 2024.

Emergent BioSolutions Inc. (EBS)

Biotech

356

Yes. Emergent BioSolutions announced the sale of its RSDL� (Reactive Skin Decontamination Lotion) kit to SERB Pharmaceuticals for $75 million. The transaction, which includes the transfer of the manufacturing facility in Hattiesburg, Mississippi, was completed on July 31, 2024. This divestment is part of Emergent�s broader strategy to reduce debt and streamline its operations.

Emergent BioSolutions Inc. (EBS)

Biotech

356

(a) On July 31, 2024, Emergent BioSolutions announced the sale of its RSDL� kit for $75 million, with a potential $5 million milestone payment. (b) In June 2024, the company agreed to sell its Baltimore-Camden facility for $30 million.(c) These divestments aim to significantly reduce debt. The company expects to decrease its debt by over $150 million in 2024 through improved operations, working capital reductions, and asset sales.

uniQure N.V. (QURE)

Biotech

345

uniQure's "Capital Preservation Initiatives" include selling its Lexington facility, cutting 65% of its workforce, reducing annual cash burn by 40% ($75 million), and saving from retiring $50 million in debt. These measures aim to streamline operations and extend cash runway through 2027.

2seventy bio, Inc. (TSVT)

Biotech

217

2seventy bio sold its Hemophilia A program and gene editing tech to Novo Nordisk for up to $40 million in June 2024. In April 2024, it sold its oncology R&D business to Regeneron, reducing operating expenses by 43%. These moves aim to achieve quarterly profitability by the end of 2025.

Seres Therapeutics, Inc. (MCRB)

Biotech

137

In August 2024, Seres signed an agreement with Nestl� to sell its VOWST business. Seres will receive a $175 million cash infusion, including an upfront payment, prepayment of a future commercial milestone, and an equity investment in Seres common stock. Upon closing, Seres will fully retire its debt obligations.

MYRIAD GENETICS INC (MYGN)

Biotech

2538

On August 1, 2024, Myriad Genetics announced the completion of its sale of the EndoPredict� business to Eurobio Scientific. In May 2024, the company had announced a reorganization of its international operations to better align resources with domestic opportunities.Myriad Genetics advanced its international reorganization efforts through the recent sale.

ASHLAND INC. (ASH)

Chemicals

3990

In May 2024, Ashland agreed to sell its nutraceuticals business to Turnspire Capital Partners for an undisclosed amount. The deal is expected to close in Q3 2024. The nutraceuticals business, part of the 'Life Science' segment, led to a $99 million impairment charge for Ashland.

DELUXE CORP (DLX)

Commercial Services & Supplies

837

Deluxe Corporation is in the process of exiting its payroll and human resources services business.

VSE CORP (VSEC)

Commercial Services & Supplies

1558

(a) In February 2024, VSE began exploring strategic alternatives for its Fleet segment, which accounts for 28% of revenue. As of August 2024, the review is ongoing, with updates expected after the USPS transition and revenue recovery, likely in late 2024. (b) VSE also plans to relocate its headquarters to an Aviation facility later in 2024. (c) In April 2024, VSE acquired TCI, an aftermarket MRO support provider, and (d) in February 2024, it sold most of its Federal and Defense segment assets.

CommScope Holding Company, Inc. (COMM)

Communications Equipment

619

On July 18, 2024, the company entered into a definitive agreement to sell its Outdoor Wireless Networks (OWN) segment and the Distributed Antenna Systems (DAS) business unit for $2.1 billion in cash.

Arcosa, Inc. (ACA)

Construction and Engineering

3961

(a) In August 2024, Arcosa signed a definitive agreement to divest its Steel Components business and completed the sale of other non-core assets for a total of $137 million. (b) Arcosa also announced an agreement to acquire Stavola Holding Corporation's Construction Materials business for $1.2 billion. (c) These transactions accelerate the shift to higher-margin construction products while advancing the strategy to reduce portfolio complexity and cyclicality.

Pactiv Evergreen Inc. (PTVE)

Containers and Packaging

1736

In early 2023, the company announced the Beverage Merchandising Restructuring, including exploring strategic alternatives for its Pine Bluff, Arkansas mill and Waynesville, North Carolina extrusion facility. On July 12, 2024, after Board approval, the company entered into a definitive agreement to sell these facilities for $110 million.

Kimball Electronics, Inc. (KE)

Equipment & Instruments

505

On July 31, 2024, Kimball Electronics completed the sale of its Automation, Test, and Measurement (AT&M) business to Averna Technologies for $24M. Proceeds from the sale will be used for organic growth, debt reduction, and share repurchases.

Bioventus Inc. (BVS)

Equipment & Instruments

615

In August 2024, the company made the strategic decision to divest its Advanced Rehabilitation business, aiming to reduce debt and focus on its core operations.

OPKO HEALTH, INC. (OPK)

Healthcare Services

1039

In March 2024, OPKO agreed to sell BioReference Health�s laboratory testing businesses, excluding operations in New York and New Jersey, for $237.5 million. The sale is expected to close by the end of the third quarter of 2024.

COMMUNITY HEALTH SYSTEMS INC (CYH)

Healthcare Services

652

On August 1, 2024, Community Health completed the sale of 351-bed Tennova Healthcare - Cleveland to Hamilton Health Care System for $160 million.

Commercial Vehicle Group, Inc. (CVGI)

Machinery

112

(a) In Aug 2024, CVG agreed to sell its Cab Structures business for $40M, with closure expected in the second half of 2024. CVG plans to use most of the proceeds for debt reduction and general corporate purposes. The sale reduces exposure to the cyclical Class 8 market, lowers customer concentration, simplifies operations, and improves the company's return profile. (b) The company is also currently exploring strategic alternatives for the Industrial Automation business.

Advantage Solutions Inc. (ADV, ADVWW)

Media

1174

On July 31 2024, the company completed the sale of Jun Group to Verve Group for $185 million, receiving $130 million upfront, with additional payments due 12 and 18 months later. The majority of the initial proceeds will be used to pay down debt and reinvest in the business. This transaction supports Advantage's goal to reduce its net leverage ratio to below 3.5 times, while allowing the company to focus on core services and growth

Advantage Solutions Inc. (ADV, ADVWW)

Media

1174

(a) The company closed the Jun Group sale on July 31, 2024, receiving $130 million upfront, with additional payments expected to total $185 million. (b) Most of the $280 million in 2024 divestiture proceeds will be used to reduce debt and reinvest in the business, aiming to lower the net leverage ratio to under 3.5 times long-term. (c) Over the last 18 months, the company refined its portfolio to focus on key areas and centralized corporate functions for consistency and efficiency. The simplification phase of the transformation is now largely complete.

TREDEGAR CORP (TG)

Metals and Mining

185

(a) The sale of Terphane to Oben Group, announced in September 2023, is pending regulatory approval. Brazil's CADE issued a non-binding opinion against it, but the final decision is due by November 18, 2024. The Colombian authority approved the transaction in February 2024. If completed, the sale is expected to net $85 million after taxes. (b) Terphane�s profitability showed improvement from depressed levels for the fourth straight quarter.

Green Plains Inc. (GPRE)

Oil & Gas

852

In February 2024, the company initiated a strategic review to enhance long-term shareholder value. As part of this process, in August 2024, it entered into an agreement to sell its unit train terminal in Birmingham, with proceeds designated for debt repayment.

Delek US Holdings, Inc. (DK)

Oil & Gas

1339

In August 2024, the company agreed to sell its retail business to FEMSA for $385 million in cash. The sale of Delek US Retail is a strategic step to unlock the inherent value of the company's assets.

Clearwater Paper Corp (CLW)

Paper and Forest Products

540

On July 22, 2024, the company announced it signed a definitive agreement to sell its consumer products division (tissue business) to Sofidel America Corp. for $1.06 billion. The sale is expected to close in Q4 2024, with proceeds to be used for debt reduction.

PERRIGO Co plc (PRGO)

Pharma

3656

Perrigo completed the divestment of its HRA Pharma Rare Diseases business on July 10, 2024. The sale generated upfront proceeds of $205 million.

Alight, Inc. / Delaware (ALIT)

Professional Services

3726

On July 12, 2024, the company completed the sale of its Payroll and Professional Services business for up to $1.2 billion. It began a $75 million accelerated share repurchase on July 15, 2024, with final settlement expected in Q3 2024. After repaying $740 million of debt, the company has fixed interest rates on its debt through 2024 and 70% fixed through 2025. (b) As on Aug 6, 2024, the company announced that Stephan Scholl will step down as CEO and Board member once a successor is named.

Cushman & Wakefield plc (CWK)

Real estate services

2820

In June 2024, the company signed a definitive agreement to sell a non-core business in the Americas.

NCR Voyix Corp (VYX, NCRRP)

Software

1614

On August 6, 2024, NCR Voyix agreed to sell Digital Banking to Veritas Capital for $2.45 billion plus up to $100 million in contingent consideration. Proceeds will mainly reduce leverage. The company is also cutting costs, having already reduced $75 million in annual payroll costs and targeting another $30 million in non-payroll savings after the deal closes.

NCR Voyix Corp (VYX, NCRRP)

Software

1614

On August 6, 2024, NCR Voyix agreed to sell its cloud-based digital banking business to an affiliate of Veritas for $2.45 billion in cash, plus up to $100 million in contingent consideration. The transaction is expected to close by year-end.

ODP Corp (ODP)

Specialty Retail

898

In March 2024, the company announced its intention to explore a strategic review of its Varis B2B procurement platform. In August 2024, the company entered into a non-binding term sheet agreement with a third party for the sale of Varis, retaining an approximately 20% stake in the entity. The transaction is expected to be completed in the third quarter of 2024.

UNITED STATES CELLULAR CORP (USM, UZD, UZE, UZF)

Telecomm Services

4451

On May 28, 2024, TDS and UScellular agreed to sell UScellular's wireless operations and select spectrum assets to T-Mobile, with the deal expected to close by mid-2025. UScellular will retain nearly 4,400 towers, equity investments, and about 70% of its spectrum assets. The company continues to review strategic alternatives to monetize its remaining spectrum.

TELEPHONE & DATA SYSTEMS INC /DE/ (TDS, TDS-PU, TDS-PV)

Telecomm Services

2149

NEW YORK COMMUNITY BANCORP, INC. (NYCB, NYCB-PA, NYCB-PU)

Banks

3363

On July 25, 2024, the company announced it had entered into a definitive agreement to sell its residential mortgage servicing business, including mortgage servicing rights and the third-party origination platform, to Mr. Cooper (NASDAQ: COOP) for approximately $1.4 billion. The transaction is expected to close in Q4 2024.

OUTFRONT Media Inc. (OUT)

Media

2475

The company completed the sale of its Canadian business in June 2024 and used the proceeds to repay debt.