March 19 (Reuters) - Acasta Enterprises Inc AEF.TO :
* ACASTA ENTERS INTO DEFINITIVE AGREEMENT TO SELL STELLWAGEN BUSINESS UNIT
* ACASTA - TO SELL STELLWAGEN IN EXCHANGE FOR CANCELLATION OF 26 MILLION CLASS B SHARES IN CAPITAL OF CO OWNED BY MARTELLO, CERTAIN ACASTA SHAREHOLDERS
* ACASTA ENTERPRISES INC - TO SELL STELLWAGEN TO MARTELLO FINANCE COMPANY LIMITED IN EXCHANGE FOR PAYMENT TO ACASTA OF U.S.$35 MILLION
* ACASTA ENTERPRISES INC - BOARD, SPECIAL COMMITTEE UNANIMOUSLY DETERMINED TRANSACTION IS IN BEST INTERESTS OF CO, SHAREHOLDERS
* ACASTA-TO USE PROCEEDS FROM TRANSACTION TO SATISFY PREVIOUSLY DISCLOSED PAYMENT OF $25 MILLION OWED BY CO BY MARCH 31, UNDER ITS $150 MILLION CREDIT FACILITY
* ACASTA ENTERPRISES INC - RECEIVED WRITTEN CONSENTS IN SUPPORT OF TRANSACTION FROM APPROXIMATELY 70% OF DISINTERESTED ACASTA SHAREHOLDERS
* ACASTA ENTERPRISES INC - TO SELL STELLWAGEN IN EXCHANGE FOR TERMINATION OF EARN-OUT FROM ACASTA'S ACQUISITION OF STELLWAGEN IN JANUARY 2017
* ACASTA ENTERPRISES INC - WILL RETAIN OWNERSHIP OF PROFIT PARTICIPATING NOTES, WILL OVERSEE SALE OF PPNS TO ONE OR MORE THIRD PARTIES
* ACASTA ENTERPRISES INC - ALSO INTENDS TO USE PROCEEDS FROM SALE OF PPNS TO PAY DOWN INDEBTEDNESS OUTSTANDING UNDER CREDIT FACILITY
* ACASTA ENTERPRISES - ALSO TO USE PROCEEDS FROM TRANSACTION TO PAY DOWN ADDITIONAL AMOUNTS OUTSTANDING UNDER THE $150 MILLION CREDIT FACILITY
* ACASTA ENTERPRISES INC - BOARD AND SPECIAL COMMITTEE CONTINUE THEIR PREVIOUSLY ANNOUNCED STRATEGIC REVIEW