Crane reaches revised agreement to buy MEI for $804M


Crane (CR) reaches an agreement with sellers on revised terms to acquire MEI Conlux Holdings.

Under the revised agreement, the purchase price will be approximately $804B on a cash free and debt free basis, compared to the previously announced price of $820M, and the company will share in one-third of any refinancing costs incurred by MEI as a result of the delayed closing - up to a maximum of $5M.

CR will also be responsible for implementing the divestiture and licensing remedies pursuant to the conditions of the European Commission clearance and will retain any proceeds thereof.

The acquisition is expected to close in Q4.

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