Longtime American gun manufacturer Colt sold to Czech firearms company

Colt, the longtime American gun manufacturer whose single-action Peacemaker revolver has been dubbed "the gun that won the West," has been sold to a Czech firearms firm. 

The gun group CZG said in a blog post this week that it had "signed a definitive agreement to acquire 100% of the outstanding equity interest in Colt Holding Company."

"Subject to the terms and conditions of the definitive agreement," the post said, "CZG shall acquire a 100% stake in Colt for upfront cash consideration of $220 million and the issuance of 1,098,620 shares of newly issued CZG common stock."

CZG President Lubomír Kovařík said the merger represented "a strategic step for both companies," and dubbed Colt an "iconic brand" and a "benchmark" gun manufacturer. 

Colt has existed under various incorporations for over 160 years, first founded by Samuel Colt in 1855 in Paterson, N.J.