STOCKHOLM: Swedish industrial group Atlas Copco announced yesterday it was acquiring British pump and vacuum engineering specialist Edwards for $1.6bn (¤1.2bn).
Atlas Copco had signed a deal whereby it will pay up to $10.50 per share in Edwards, equivalent to a 24 percent premium on Friday’s closing share price on the Nasdaq exchange.
The transaction includes about $400m of assumed net debt.
“The vacuum solutions market is growing and has similar characteristics to our existing industrial businesses,” Atlas Copco chief executive Ronnie Leten said in a statement.
Atlas Copco is a world leader in compressors, expanders and air treatment systems, construction and mining equipment, power tools and assembly systems.
AFP
