Gardner Denver Completes Acquisition of Compair
Gardner Denver, Inc. reported today that it has completed its previously announced acquisition of CompAir Holdings Limited (“CompAir"), a leading global manufacturer of compressed air and gas solutions.
Total cash consideration paid to the selling shareholders was £190.2 million.
Including the repayment of certain outstanding debt and the assumption of CompAir’s other net debt, which totaled approximately £10.4 million on September 30, 2008, the total transaction value was approximately £200.6 million. To finance the acquisition, Gardner Denver used excess available cash and new syndicated credit facilities.
Gardner Denver will release its third quarter 2008 financial results on Wednesday, October 22, 2008 after the U.S. financial markets have closed. The Company expects to include guidance regarding the financial impact of the
CompAir acquisition in the earnings release. In addition, on Thursday, October 23, 2008 at 9:30 a.m. Eastern time, the Company will broadcast a conference call through a live webcast to discuss third quarter earnings and the CompAir acquisition. This free webcast will be available in listen-only mode and can be accessed, for up to ninety days following the call, through the Investor Relations page on the Gardner Denver website.
Source: Gardner Denver, Inc.
