Czech billionaire Michal Strnad has been given the green light by shareholders of Vista Outdoor Inc. to purchase the company's ammunition unit for $2.2 billion.
This acquisition will greatly expand Strnad's arms business on a global scale. The deal involves the Kinetic Group, which includes popular brands like Remington and Federal. The approval from Vista Outdoor shareholders is a significant milestone for the Minnesota-based company.
The acquisition is set to be finalized on November 27, further solidifying Strnad's position in the ammunition market.