Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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: Quote) 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.

Register
To receive FREE breaking news email alerts for Edwards Group Limited and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Swiss drug maker Roche Holding said a late-stage trial of its breast cancer drug Kadcyla did not provide superior results compared with an existing therapy. FCA US, until recently known as Chrysler, said Friday it is recalling 257,000 Dodge Ram pickups. The auto maker says the rear axle pinion nut on certain model year 2005 Dodge Ram 1500 trucks may loosen due to an undersized spline on the pinion gear. If the pinion nut loosens, the rear axle may... This medical device company has a very impressive track record of growing business over the past decade. increasing sales from $490.2 million in 2004 to $1.72 billion this year. The Silicone Hydrogel daily disposable lens portfolio constitutes a major avenue for growth.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.