Bankruptcy Court OKs Quad's Acquisition of Vertis
SUSSEX, WI—Santa Claus came early for the nation’s No. 2 printer when a U.S. Bankruptcy Court green-lighted the proposed sale of Baltimore-based Vertis Holdings to Quad/Graphics. The deal, announced in October, entails substantially all of the assets comprising Vertis’ businesses for $258.5 million, which includes the payment of approximately $88.5 million for current assets that are in excess of normalized working capital requirements.
The companies are in the final stages of integration planning and expect to close the transaction in January. Vertis and Quad/Graphics will continue to operate separately and independently until the sale closes.
At the time of the announced acquisition, Vertis simultaneously filed voluntary petitions for Chapter 11 relief to complete the sale as efficiently as possible while maintaining continuity for its clients and employees.