ABB/Baldor Electric Co.
ABB (NYSE: ABB) and Baldor Electric Company (NYSE: BEZ) announced that they have entered into an agreement whereby ABB will acquire all outstanding shares of Baldor Electric for $63.50 per share in cash, or a total consideration of $3.1 billion net of debt.
Total value of the transaction is $4.2 billion, including about $1.1 in net debt.
The transaction, which has been approved by both Boards, is expected to close in Q111. A tender offer will commence in December, and is subject to customary terms and conditions, including the tender of at least two-thirds (2/3) of Baldor's shares on a fully diluted basis, and regulatory clearance.
Citi served as financial advisor to ABB and UBS Investment Bank served as financial advisor to Baldor.
Total value of the transaction is $4.2 billion, including about $1.1 in net debt.
The transaction, which has been approved by both Boards, is expected to close in Q111. A tender offer will commence in December, and is subject to customary terms and conditions, including the tender of at least two-thirds (2/3) of Baldor's shares on a fully diluted basis, and regulatory clearance.
Citi served as financial advisor to ABB and UBS Investment Bank served as financial advisor to Baldor.
S&P Announces Changes to US Indices: AHL for BEZ in MidCap 400, VSI for VOL in SmallCap 600
Aspen Insurance Holdings Ltd. (NYSE: AHL) will replace Baldor Electric Co. (NYSE: BEZ) in the S&P MidCap 400 index after the close ...
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