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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Edwards Grp. Limited ADS (MM) | NASDAQ:EVAC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.29 | 0 | 01:00:00 |
By Saabira Chaudhuri
Edwards Group Ltd. (EVAC) has agreed to be acquired by Atlas Copco AB (ATCO-A.SK, ATLKY) for up to $1.2 billion, a deal that will boost the vacuum pump maker's prospects for growth.
"The two companies share very similar strategic goals, strong brands and leading market positions," Edwards Chief Executive Jim Gentilcore said. "The Edwards brand and reputation will benefit from the support, expertise and financial strength that Atlas Copco will bring."
The deal is valued at up to about $1.6 billion, including the assumption of debt.
Atlas Copco will pay up to $10.50 a share to buy Edwards, representing a 24% premium to the company's Friday closing price. The price includes a fixed cash payment of $9.25 at closing and an additional payment of up to $1.25 a share post-closing, depending on Edwards achieving certain milestones.
The two companies said Edwards--which makes vacuum products and abatement systems--and Stockholm-based Atlas Copco--which makes products like compressors, construction and mining equipment, power tools and assembly systems--have complementary businesses.
Once the deal is completed, a new vacuum solutions division will be formed within the Atlas Copco Compressor Technique business area, with headquarters in Crawley, U.K.
Last month, Edwards reported its second-quarter profit surged sharply as revenue climbed.
American depositary shares of Edwards closed Friday at $8.45, while Class A ADS's of Atlas closed at $27.33. Both companies stocks were inactive premarket.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year Edwards Grp. Limited ADS (MM) Chart |
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