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KKR & CO. L.P. (KKR)
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KKR Confirms $3.74 Billion Deal to Buy Gardner Denver

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03/08/2013 | 02:26am CEST

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 [email protected]

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.
Stocks mentioned in the article
ChangeLast1st jan.
KKR & CO. L.P. 1.19% 24.57 Delayed Quote.15.29%
SPX CORP -2.88% 35.09 Delayed Quote.15.80%
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Financials ($)
Sales 2018 3 618 M
EBIT 2018 2 480 M
Net income 2018 -
Debt 2018 -
Yield 2018 2,45%
P/E ratio 2018 -
P/E ratio 2019 9,34
Capi. / Sales 2018 5,57x
Capi. / Sales 2019 4,74x
Capitalization 20 166 M
Chart KKR & CO. L.P.
Duration : Period :
KKR & Co. L.P. Technical Analysis Chart | KKR | US48248M1027 | 4-Traders
Technical analysis trends KKR & CO. L.P.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 26,6 $
Spread / Average Target 8,2%
EPS Revisions
Henry R. Kravis Co-Chairman & Co-Chief Executive Officer
George Rosenberg Roberts Co-Chairman & Co-Chief Executive Officer
Joseph Yong Bum Bae Co-President, Co-COO & Director
Scott Charles Nuttall Co-President, Co-COO & Director
William Joseph Janetschek Chief Financial Officer
Sector and Competitors
1st jan.Capitalization (M$)
KKR & CO. L.P.15.29%20 166
T. ROWE PRICE GROUP18.59%30 132
LEGAL & GENERAL-2.31%21 117
AMUNDI-13.57%14 307