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KKR Confirms $3.74 Billion Deal to Buy Gardner Denver

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03/08/2013 | 02:26am CET

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.
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Financials ($)
Sales 2016 1 088 M
EBIT 2016 629 M
Net income 2016 480 M
Debt 2016 -
Yield 2016 3,77%
P/E ratio 2016 30,34
P/E ratio 2017 10,87
Capi. / Sales 2016 12,6x
Capi. / Sales 2017 11,5x
Capitalization 13 698 M
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Number of Analysts 14
Average target price 19,3 $
Spread / Average Target 13%
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Henry R. Kravis Co-Chairman & Co-Chief Executive Officer
George Rosenberg Roberts Co-Chairman & Co-Chief Executive Officer
William Joseph Janetschek Chief Financial Officer
Joseph A. Grundfest Independent Director
Robert W. Scully Independent Director
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