Seeking Alpha

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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