Czech Republic firearms manufacturer Česká zbrojovka Group SE (CZG) announced it is negotiating to acquire West Hartford gun maker Colt Holding Co.
The two companies reached “an agreement in principle” on the most important aspects of CZG’s prospective purchase of the 175-year-old Colt, according to CZG. Details of negotiations or possible terms of the transaction were not disclosed.
“Execution of the definitive documentation for the transaction is estimated to take place by the end of January 2021,” CZG said, noting that timeline is subject to completing the negotiations, finalizing documents and getting approvals from all stakeholders.
Colt did not return a message requesting comment Wednesday morning.
If negotiations successfully close this month, the companies would still need regulatory approval for CZG to acquire Colt, according to the Czech company.