Gebr. Knauf KG entered into an agreement to acquire 50% stake in USG Boral Joint Venture from Boral Limited (ASX:BLD) for $1 billion on October 27, 2020. If either party terminates Gebr. Knauf must pay to Boral a termination fee of $50 million. Prior to transaction close, Boral to receive a normal dividend of $32 million from USG Boral. Purchase price represents an attractive multiple of 15.1 times FY2020 normalized EBITDA of AUD 190 million ($131.2 million). Transaction is subject to typical conditions precedent including in relation to regulatory matters. The transaction is expected to close in FY2021. Final cash proceeds from the transaction are subject to typical post completion adjustments and will be applied to reduce net debt and fund growth investment in the retained portfolio. BofA Securities, Inc. acted as financial advisor to Gebr. Knauf KG. Stephen Dobbs, Kristin Stammer and Michael Gonski of Herbert Smith Freehills acted as legal advisor to Boral Limited in the transaction. Clayton Utz acted as legal advisor to Gebr. Knauf KG in the transaction. Gebr. Knauf KG completed the acquisition of 50% stake in USG Boral Joint Venture from Boral Limited (ASX:BLD) on April 1, 2021.