Foundation Building Materials, Inc. entered into a definitive agreement to acquire Interior Products Business and Insulation Business from Beacon Sales Acquisition, Inc. for $850 million on December 20, 2020. The consideration is payable in cash at closing, subject to certain net working capital, indebtness and other adjustments. To fund the transaction, American Securities received equity commitments. For fiscal year ended September 30, 2020, the business generated net sales of $1.03 billion, net loss of $11.3 million and adjusted EBITDA of $72.8 million. All employees will be retained. The completion of the transaction is subject to customary closing conditions, including regulatory approvals, completion of the Reorganization and expiration or termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976. The transaction is not subject to financing conditions. As of January 15, 2021, Federal Trade Commission granted the early termination notice. Beacon intends to use the anticipated after-tax proceeds of approximately $750 million from this divestiture to reduce net leverage and strengthen its balance sheet and invest for growth. Jeffrey Smith, Ben Rosemergy, P.C, James Lowe, Chris Gleason, Michael Heinz, Suresh Advani, Elizabeth McCloy, Kate Roberts, Mary Niehaus, Heather Palmer and Scott Williams of Sidley Austin LLP and Potter Anderson & Corroon LLP acted as legal advisors for Beacon while Michael Lubowitz, Andrew Colao, Young Lee, Heather Emmel, Charan Sandhu, Edric Itchon, Paul Wessel, Amanda Rosenblum, Mark Schwed, Annemargaret Connolly, Matthew Morton, Vadim Brusser and Nicholas Pappas of Weil, Gotshal & Manges LLP acted as legal advisors for American Securities, parent company of Foundation Building Materials, Inc. Goldman Sachs served as sole financial advisor to Beacon. Credit Suisse acted as financial advisor to American Securities, Foundation Building Materials, Inc. As of February 9, 2021, the transaction is expected to close later this month. Foundation Building Materials, Inc. completed the acquisition of Interior Products Business and Insulation Business from Beacon Sales Acquisition, Inc. on February 10, 2021. On January 29, 2021, ASP assigned the Purchase Agreement to Foundation Building Materials. The Interior Products Business and Insulation Business of Beacon Sales Acquisition, Inc. includes more of 80 branches focused on wallboard, ceiling tile and grid, steel starts and insulation products. Interiors operates from a separate branch network from our exteriors locations, making for a clean separation of the business. The proceeds from the sale will allow Beacon to improve the balance sheet, immediately lower our net debt leverage to be near our previously published targets and provides Beacon with much greater financial flexibility.