Parker-Hannifin Corp acquired Meggitt plc for 800 pence per share in cash; aggregate purchase price approximately GBP 6.3 billion (~$11.13 per share at announcement), a transaction completed in September 2022, structured as all cash.
Meggitt plc operates in Aerospace Group, is based in United Kingdom (global aerospace and defense operations). Meggitt plc is a UK-based international company supplying components and sub-systems for the aerospace, defense and selected energy markets. Parker offered 800 pence in cash per Meggitt share under a Rule 2.7 announcement pursuant to the UK City Code on Takeovers and Mergers, implemented via a court-sanctioned scheme of arrangement.
Implemented under the UK takeover code as a transformational addition to Parker's Aerospace Group; financed via a bridge term loan facility of up to GBP 6.524 billion and a $2.0 billion delayed-draw term loan.
Major aerospace and defense platform with aftermarket exposure that significantly scaled Parker's Aerospace Group. Combined with Parker's Aerospace Group
Pursuant to Rule 2.7 of the United Kingdom City Code on Takeovers and Mergers, Parker announced the terms of its offer to acquire Meggitt, intended to be implemented by means of a court-sanctioned scheme of arrangement, under which Meggitt shareholders will be entitled to receive 800 pence in cash for each share of Meggitt.Parker-Hannifin Corporation, Form 8-K (Rule 2.7 Announcement), August 2, 2021
Advisory firms were not disclosed for this transaction.