Czech Republic firearms manufacturer Česká zbrojovka Group SE (CZG) said Thursday it had acquired West Hartford gun maker Colt Holding Co.
CZG announced it had reached a definitive agreement to buy 100% of the outstanding equity interest in Colt Holding Company LLC (“Colt”), the parent company of Colt Manufacturing Company LLC, and well as its Canadian subsidiary, Colt Canada Corp.
Under the deal CZG will pay $220 million and issue about 1.1 million shares of newly issued CZG common stock, according to CZG.
The transaction is subject to regulatory approval but is anticipated to close in the second quarter of 2021, according to CZG.
“The acquisition of Colt, an iconic brand and a benchmark for the military, law enforcement and commercial markets globally, fits perfectly in our strategy to become the leader in the firearms manufacturing industry and a key partner for the armed forces,” CZG President and Chairman Lubomír Kovařík said.
Colt’s headquarters is located on New Park Avenue in West Hartford.
