(Bloomberg) -- Czech billionaire Michal Strnad has won an approval from Vista Outdoor Inc. owners to buy the company’s ammunition unit for $2.2 billion, boosting the global footprint of his fast-growing arms business.
Vista Outdoor shareholders voted to sell the Kinetic Group, which includes brands such as Remington and Federal, to Strnad’s Czechoslovak Group AS, according to a statement from the Anoka, Minnesota-based company on Monday. The closing of the transaction is expected on Nov. 27.
CSG, which primarily produces heavy ammunition and combat vehicles in Europe, is expanding in the US after the war in Ukraine helped more than triple its revenue over the past two years and turned Strnad into a billionaire.
In a separate statement, the Czech company said the Kinetic acquisition would turn it into the biggest producer of small ammunition in “the Western world.” CSG added it wouldn’t comment further before the settlement of the deal.
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