- SPX Corporation (SPW +1.1%) sells its 44.5% stake in EGS Electric Group to Emerson Electric (EMR) for $571M, in a deal that's expected to close in Q1 2014.
- SPX's Q1 results will show an after-tax gain of around $6.50/share in connection to the transaction.
- "The sale of our joint venture interest in EGS is consistent with our strategy to narrow our focus on our flow end markets," SPX CEO Chris Kearney says, adding that "through a combination of the net proceeds from [the] asset sale, planned divestitures of discontinued operations and cash on hand, SPX plans to allocate $500M to share repurchases and reduce gross debt by ~$300M." (PR)
SPX divests EGS stake, plans $500M in buybacks, debt reduction
Dec 4 2013, 10:15 ET