GP Investments unit to buy Corelle dinnerware maker in $566 million deal: Reuters

(Reuters) — GP Investments Acquisition Corp (GPIAC) (GPIA.O) said it agreed to buy the owner of World Kitchen LLC, which makes Pyrex and Corelle kitchenware, in a $566 million cash-and-stock deal.

GPIAC, owned by Brazilian private equity firm GP Investments Ltd GPIV11.LU, said on Tuesday it would issue 6.5 million of its shares at $10 each to WKI Holding Co Inc’s shareholders.

GPIAC will fund the cash portion of the deal, which is expected to close in July, through cash balance in its trust account, issuance of shares to an affiliate of its parent, and $275 million debt from Citigroup and BMO Capital Markets.

After the deal closes, Cayman Islands-based GPIAC will be reincorporated in Delaware and renamed World Kitchen Group Inc.

The company will continue to trade on the Nasdaq under a new ticker symbol “WDKN”.