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Dover Corp. (DOV) Ratings Placed on Review for Downgrade by S&P Amid Wayne Fueling Systems Deal

June 9, 2016 4:59 PM EDT

S&P Global Ratings said that it has placed its 'A-' long-term corporate credit rating and 'A-' issue-level ratings on Dover Corp. (NYSE: DOV) on CreditWatch with negative implications.

We did not place our short-term 'A-2' rating on the company on CreditWatch because we expect that any downgrade to our long-term rating will be limited to one notch.

"The CreditWatch placement follows Dover's announcement earlier today that it... More

Dover Corp. (DOV) to Acquire Wayne Fueling Systems in $780M Cash Deal

June 9, 2016 8:32 AM EDT

Dover (NYSE: DOV) announced that it has entered into a definitive agreement under which the company will acquire Wayne Fueling Systems Ltd. ("Wayne"), which is owned by Riverstone Holdings LLC, for $780 million in cash. Upon close of the transaction, Dover's annualized retail fueling revenue will be $1.4 billion when combining Wayne's innovative product offerings with OPW and Tokheim. The collective retail fueling business features a comprehensive product set for all major regions of the world.

Wayne is a global provider of fuel dispensing, payment, systems and aftermarket services for retail and... More