Gardner Denver agrees to $3.73B sale

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WAYNE (AP) — The industrial pump maker Gardner Denver Inc. has agreed to sell itself to Kohlberg Kravis Roberts & Co. for about $3.73 billion.


Under the terms of the agreement, the New York-based investment firm will acquire the Wayne, Pa.-based for $76 per share.


That represents a 3 percent premium over the company’s Thursday closing stock price and a 39 percent premium over its closing stock price on Oct. 24, the day before it announced it was exploring a possible sale.


The companies valued the deal at $3.9 billion including the assumption of debt.


The deal has been approved by Gardner Denver’s board, but remains subject to shareholder and regulatory approvals. It’s expected to close in the third quarter.


Gardner Denver shares rose about 1 percent in premarket trading.


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