Atlas Copco confirms that it will buy Edwards for up to $1.6B.

|About: Atlas Copco AB ADR (ATLKY)|By:, SA News Editor

As tipped, Atlas Copco (ATLKY.PK) has agreed to acquire British vacuum pumps firm Edwards Group (EVAC) for up to $1.6B, including $400M of debt.

Atlas Copco will pay an initial $9.25 a share and as much as $1.25 extra, depending on Edwards' 2013 earnings. For the full payment, the latter will have to earn revenues of £587.5-650M and adjusted EBITDA of £113.9-145M.

Edwards' shares closed at $8.45 on Friday.

Edwards shareholders representing around 84% of stock have agreed to vote in favor of the deal. (PR)