Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  KKR & Co. L.P.    KKR

News SummaryMost relevantAll newsSector news 

KKR Confirms $3.74 Billion Deal to Buy Gardner Denver

03/07/2013 | 08:26pm US/Eastern

Gardner Denver Inc. (>> Gardner Denver, Inc.) and Kohlberg Kravis Roberts & Co. confirmed the industrial-pumps manufacturer has agreed to be acquired for roughly $3.74 billion.

The New York private-equity firm will pay $76 for each Gardner Denver share, a 2.9% premium to Thursday's close. Shares were recently trading 1.4% higher at $74.91 premarket. The stock has climbed 7.8% since the start of the year.

The deal values Gardner Denver at about $3.9 billion, including the assumption of debt.

KKR had bid $75 a share for the Wayne, Pa.-based company in February and increased the offer after Gardner Denver sought a higher price.

For KKR, the deal would mark the buyout firm's third purchase in the industrials space in the past few years. KKR agreed in April 2011 to acquire Capsugel, a unit of pharmaceutical giant Pfizer Inc. (>> Pfizer Inc.) that makes drugs in capsule form. Later that year, KKR agreed to acquire Capital Safety Inc., a large provider of safety products and equipment for construction and other workers.

KKR ended up being the only serious suitor for Gardner Denver in an up-and-down sales process that dragged on in recent months.

Gardner Denver, which employs about 6,400 people and posted sales of about $2.4 billion last year, pursued a deal with rival SPX Corp. (>> SPX Corporation) late last year after garnering interest from a number of private-equity firms. SPX offered $4 billion for the company but later dropped the bid amid negative reactions from shareholders.

Write to Melodie Warner at melodie.warner@dowjones.com

Order free Annual Report for Gardner Denver Inc.

Visit http://djnewswires.ar.wilink.com/?link=GDI or call 1-888-301-0513

Stocks mentioned in the article : Gardner Denver, Inc., SPX Corporation, Pfizer Inc.
React to this article
Latest news on KKR & CO. L.P.
12/01 EXCLUSIVE : KKR, Thoma Bravo, Vista eye $4 billion Dell assets - sources
11/30DJITC Holdings Confirms Review of Strategic Alternatives
11/27 KKR : The management team of Webhelp partners with KKR
11/26 KKR : India financial services: Proxy play, AVCJ
11/25 Canadian Oil Sands in early-stage talks with potential bidders
11/25 KKR : Invests in Avendus Capital to Build a Next Generation Multi-Asset Financia..
11/25DJEnergy Future Holdings Chapter 11 Exit Plan Advances
11/25DJEnergy Future Holdings Chapter 11 Exit Plan Gains, Could Be Confirmed Next We..
11/25 KKR : Victory Park Capital and KKR Lead an Inaugural $175 Million Asset-Backed S..
11/24 Bertelsmann seeks partner to buy Penguin Random House - sources
News chart
Full-screen chart
Income Statement Evolution
More Financials