logo
Plus   Neg
Share
Email
Comment

Atlas Copco To Buy Edwards Group For Up To $1.6 Bln, Incl. Debt - Quick Facts

UK-based industrial technology company Edwards Group Ltd. (EVAC) and Swedish engineering company Atlas Copco Group (ATLCY.PK,ATLCF.PK) have inked a definitive merger deal in a transaction valued at up to about $1.6 billion, including the assumption of debt. The acquisition is an all-cash transaction utilizing Atlas Copco's existing own funds.

Pursuant to the merger agreement, Atlas Copco's unit would buy Edwards for a per-share consideration of up to $10.50, including a fixed cash payment of $9.25 at closing and an additional payment of up to $1.25 per share post-closing, depending on Edwards' achievement of 2013 revenue within the range of 587.5 million pounds - 650 million pounds and achievement of a related adjusted EBITDA target within the range of 113.9 million pounds - 145 million pounds. The transaction may close in the first quarter of 2014.

Depending on the amount of any additional payment, the merger consideration represents a premium of about 11% to 26% to Edwards' 30 day average closing share price of $8.33 up to August 16, 2013, the last trading day prior to this announcement. Edwards priced its IPO on The NASDAQ Global Select Market on May 10, 2012 at $8.00 per share.

Edwards' shareholders representing nearly 84% of the current shares outstanding have entered into voting agreements with Atlas Copco to vote for the merger. Further, Edwards' board unanimously urged the offer to all Edwards shareholders.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
BlackRock Inc., the world's largest asset manager, said it plans to speak with gun makers and distributors following public outcry after the Florida high school shooting that killed 17 people. BlackRock, which had $6.3 trillion in assets under management as of December 31, 2017, holds shares in gun makers Sturm Ruger & Co. Inc. as well as American Outdoor Brands Corp. An upgraded boarding in Southwest Airline will cost you more. The airline usually not assign seats to passengers, but one can choose from an open seat. The Upgraded Boarding will allow passengers to choose from A1 - A15 boarding positions. The cost for these positions would be $30, $40 and $50, depending on flight and route. This option can be availed from the ticket counter or gate. Citigroup Inc.'s co-head of mergers and acquisitions, Peter Tague, is leaving the company, according to media reports, citing people familiar with the matter. Tague has been co-head of Global M&A business at Citigroup since March 2012, alongside Cary Kochman and Mark Shafir. It was not immediately clear what Tague intends to do after he leaves Citigroup.
comments powered by Disqus
Follow RTT