United Technologies Corp./Goodrich Corp.
On September 22, 2011, United Technologies Corp. (NYSE: UTX) reached an agreement to purchase Goodrich Corporation (NYSE: GR) for $127.50 per share in cash. This equates to a total enterprise value of $18.4 billion, including $1.9 billion in net debt assumed.
United Technologies expects to finance the transaction through a combination of debt and equity issuance. The equity component is expected to approximate 25 percent of the total. The closing is subject to customary closing conditions, including regulatory and Goodrich shareholder approvals.
United Technologies today also reaffirmed its expectations for 2011 revenues of approximately $58 billion, earnings per share in the range of $5.35 to $5.45, and cash flow from operations less capital expenditures equal to or in excess of net income attributable to common shareowners.
J.P. Morgan and Goldman, Sachs & Co. are acting as financial advisors to United Technologies. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to United Technologies. Credit Suisse Securities (USA) LLC and Citi are acting as financial advisors and Jones Day is acting as legal advisor to Goodrich.
Following completion of the transaction, United Technologies is expected to have worldwide sales of approximately $66 billion based on projected 2011 results.
United Technologies expects to finance the transaction through a combination of debt and equity issuance. The equity component is expected to approximate 25 percent of the total. The closing is subject to customary closing conditions, including regulatory and Goodrich shareholder approvals.
United Technologies today also reaffirmed its expectations for 2011 revenues of approximately $58 billion, earnings per share in the range of $5.35 to $5.45, and cash flow from operations less capital expenditures equal to or in excess of net income attributable to common shareowners.
J.P. Morgan and Goldman, Sachs & Co. are acting as financial advisors to United Technologies. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to United Technologies. Credit Suisse Securities (USA) LLC and Citi are acting as financial advisors and Jones Day is acting as legal advisor to Goodrich.
Following completion of the transaction, United Technologies is expected to have worldwide sales of approximately $66 billion based on projected 2011 results.
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UTC Prepays $1 Billion Outstanding Balance of its Goodrich Acquisition Credit Facility Due Dec. 31, 2012
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UTC Prepays $1 Billion of its Outstanding Goodrich Acquisition Credit Facility Due Dec. 31, 2012
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Ensco (ESV) to be Added to S&P 500 (GR)
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United Technologies (UTX) Revises FY12 EPS, Revs Outlook Following Goodrich (GR) Acquisition
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United Tech (UTX) Affirms FY11 Outlook, Guides FY12In-Line with Views
