ESAB drops as Enovis heads for the exits

Enovis

14/11/2022 17:20

** Shares of fabrication tech firm ESAB Corp  ESAB.N  down 
5.9% at $40.66 as parent Enovis Corp  ENOV.N  looks to sell
remaining stake
    ** ESAB's shares on Mon fall as much as 8.7% to $39.46
    ** Enovis looks to sell ~6 mln shares in secondary offering
 urn:newsml:reuters.com:*:nBw3RWhn1a
    ** In early Apr, Enovis, formerly Colfax Corp, completed
spin-off of ESAB, leaving specialty medical tech firm with ~10%
stake, per prospectus filing
    ** Enovis to exchange ESAB holdings for its own debt held by
Goldman Sachs  GS.N 
    ** Goldman and Evercore jt lead bookrunners for offering
slated to price Tues after the bell
    ** On Nov 3, ESAB posted Q3 rev, EPS beat and bumped its FY
core earnings guidance to $4-$4.10 from $3.85-$4.05  urn:newsml:reuters.com:*:nBwJ0FNMa
    ** ESAB's shares on Apr 5 opened at $50 when co began
trading as independent public entity. It had roughly $2.6 bln
market cap through Fri
    ** ENOV's stock down 1.1% on the session, and off 30% YTD
for $3 bln market value, per Refinitiv
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))