That deal is subject to the completion of the sale of its ammunition business, Kinetic Group, for about $2.23 billion.

The Minnesota-based company is set to sell Revelyst, its sporting goods business, for around $1.13 billion to the investment firm Strategic Value Partners in an all-cash transaction expected to be completed by January, according to a press release.

The deal hinges on the completion of the sale of Vista's ammunition business, Kinetic Group, to the Prague-based defense company Czechoslovak Group.

An amendment to a previous merger agreement with Czechoslovak Group increased the sale price from $2.15 billion to around $2.23 billion. That deal is expected to close by the end of 2024, subject to shareholders' approval.

"Together, the CSG Transaction and the SVP Transaction represent an enterprise value of $3.35 billion for Vista Outdoor and will deliver an estimated $45 per share in cash to Vista Outdoor stockholders," the press release says.

Reuters first reported the deals.

Michael Callahan, the chairman of the Vista Outdoor board of directors, said in a statement: "The board has been focused on unlocking maximum value for our shareholders, and these two strategic sales are the culmination of that effort."

"Through these agreements with SVP and CSG, we believe we've positioned both Revelyst and Kinetic for continued success under new ownership," he added.

Czechoslovak Group is being advised by JPMorgan on the new deal, while Morgan Stanley is advising Vista Outdoor. Moelis & Company is advising Vista's board.

Vista's stock price has risen by around 35% since the start of the year.

The company -- which employs almost 6,000 people across the world -- announced its plan to split into two divisions in 2022.