US Aerospace Tech Group To Buy UK Peer For £6.3 Billion
Sumaira FH 2 months ago Mon 02nd August 2021 | 12:30 PM
London, Aug 2 (UrduPoint / Pakistan Point News - 2nd Aug, 2021 ) :Parker-Hannifin Corporation, a US company specialised in aerospace technologies, has agreed to buy British peer Meggitt for £6.3 billion, the pair announced Monday.
Parker said it would offer a number of legally binding commitments to the UK government regarding the $8.8-billion cash deal, such as ensuring that Meggitt meets current contractual obligations to the state.
The Parker-Meggitt transaction is meanwhile subject to shareholder and regulatory approvals.
"The boards of directors of Parker-Hannifin Corporation and Meggitt PLC are pleased to announce that they have reached agreement on the terms of a recommended cash acquisition," a statement said.
Tom Williams, chairman and chief executive officer of Parker, said that together the companies could better serve customers via innovation, accelerated research and development plus a complementary portfolio of aerospace and defence technologies.
"We are committed to being a responsible steward of Meggitt and are pleased our acquisition has the full support of Meggitt's board," he added.
Earlier this month, Ultra agreed to a £2.6-billion takeover from Cobham, the former London-listed defence giant.
US private equity group Advent, which owns Cobham, has pledged to protect sensitive government information.