Aerospace and Defense Update
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British aerospace and defense company Meggitt will be acquired by US competitor Parker Hannifin for £6.3 billion UK listed company From overseas buyers.
Meggitt shareholders will receive 800 pence per share in cash in the agreement transaction, a 71% premium to Friday’s closing price.
Parker, which has more than 2,100 employees in 18 locations in the UK, praised Meggitt’s “high-value” technology and stated that the transaction will “enhance the combined group’s future prospects in the global aerospace and defense industry.”
Parker Chairman and CEO Tom Williams said: “We are committed to being the responsible managers of Meggitt, and we are very pleased that our acquisition is fully supported by Meggitt’s board of directors.”
Parker Hannifin stated that it has made a number of commitments to the British government, including retaining the British headquarters and maintaining “the current number of R&D, product engineering, and direct manufacturing labor force in the UK is not lower than the current level, while increasing at least ten people.” percentage”.
The transaction is the latest in a series of acquisitions of a British company by a US competitor: last monthThe defense group Ultra Electronics said it “intentionally recommends” the 2.6 billion pound temporary acquisition offer of Cobham, which is backed by US private equity.