Altra Industrial Motion gains as Regal Rexnord deal gets simplified China review
Jan. 20, 2023 10:43 AM ETAltra Industrial Motion Corp. (AIMC), RRXBy: Joshua Fineman, SA News Editor
- Altra Industrial Motion (NASDAQ:AIMC) rose 1.3% after it was disclosed the company's planned sale to Regal Rexnord (NYSE:RRX) was filed under a simplified procedure in China.
- The sale was filed under a simplified procedure with China's antitrust regulator, according to a listing on the regulator's website.
- Regal Rexnord (RRX) agreed to buy Altra Industrial (AIMC), the maker of products used in industrial automation, for $4.95 billion in late October. Regal Rexnord offered $62 a share in the all-cash transaction, which is expected to close in the first half of the year.
- Regal Rexnord (RRX) is scheduled to report Q4 results on Feb. 1.