UPDATE: United Tech (UTX) Could Sell Two Units of Hamilton Sundstrand in Separate Deals
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BUY (
Up)Dividend Yield: 2.2%
Revenue Growth %: +116,029.0%
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(Updated - July 11, 2012 12:34 PM EDT)
United Technologies (NYSE: UTX) shares are still lower on the session following WSJ headlines it might be nearing a deal to sell unts of its Hamilton Sundstrand subsidiary.
The deal might garner $3 billion to $4 billion, according to sources, with the deal expected to close in September.
United Tech might be looking to off the fluid-control products and air compressors businesses of Hamilton, aiming to raise funds for the $16.5 billion acquisition of Goodrich (NYSE: GR).
Though United Tech expected to get $3 billion in a sale back in March, interest in April from about 24 private equity firms and industrial companies drove the price up to $4 billion. Because of that interest, United Tech opted to pursue separate deals for the unts.
The WSJ says PE firms Carlyle Group, TPG Capital and BC Partners submitted bids before the end of June. No word on specific industrial bidders.
Unted Tech's Goodyear deal should close in July, according to the company. Shares are off 1.5 percent Wednesday.
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United Technologies (NYSE: UTX) shares are still lower on the session following WSJ headlines it might be nearing a deal to sell unts of its Hamilton Sundstrand subsidiary.
The deal might garner $3 billion to $4 billion, according to sources, with the deal expected to close in September.
United Tech might be looking to off the fluid-control products and air compressors businesses of Hamilton, aiming to raise funds for the $16.5 billion acquisition of Goodrich (NYSE: GR).
Though United Tech expected to get $3 billion in a sale back in March, interest in April from about 24 private equity firms and industrial companies drove the price up to $4 billion. Because of that interest, United Tech opted to pursue separate deals for the unts.
The WSJ says PE firms Carlyle Group, TPG Capital and BC Partners submitted bids before the end of June. No word on specific industrial bidders.
Unted Tech's Goodyear deal should close in July, according to the company. Shares are off 1.5 percent Wednesday.
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UTC purchase of Goodrich
The Watcher on Jul 12, 2012 12:28 PMMark as Spam | Reply to this comment
I believe you intend to say that UTC plans to close the purchase of Goodrich by the close of July, not Goodyear. Understandable, but Goodrich (Formally BFGoodrich) has not been in the Tire buisness for many years.