Stephen Simpson, CFA
Aug. 1, 2013, 5:27 PM
- 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.
Dec. 21, 2012, 9:29 AM
Crane (CR) agrees to buy MEI Conlux Holdings and its Japanese affiliate for ~$820M from PE firms Bain Capital and Advantage Partners to widen its base in making machines that can handle money through automated mechanisms. Crane expects MEI to add ~$0.25 to EPS within the first year.| Dec. 21, 2012, 9:29 AM