U.S. private equity firm Lone Star will buy SPX Flow Inc in an all-cash deal valued at $3.8 billion, including the assumption of debt, the industrial pumps and valves maker said on Monday.
Lone Star offered $86.50 per share, representing about 1% premium to SPX's last close on Friday. Once the deal is completed, SPX will become a private company.
The offer price represents about 40% premium over SPX's closing stock price on July 16, the last trading day prior to a Wall Street Journal report on July 18 that Ingersoll Rand Inc(IR.N)had made a takeover bid for the company.
SPX had at the time rejected the proposal stating the offer undervalued the company. Later, SPX announced it would explore strategic alternatives, including a sale or merger of the company.
Morgan Stanley & Co. LLC served as the financial adviser, while Winston & Strawn LLP was the legal adviser to SPX FLOW.
Citi, RBC Capital Markets, LLC, and BofA Securities acted as financial advisers to Lone Star and Gibson, Dunn & Crutcher LLP and Kirkland & Ellis LLP served as legal advisers.
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