(RTTNews) - The Middleby Corporation (MIDD) and Welbilt, Inc. (WBT) have entered into a definitive agreement under which Middleby will acquire Welbilt in an all-stock deal with an implied enterprise value of $4.3 billion. Welbilt shareholders will receive a fixed exchange ratio of 0.1240x shares of Middleby common stock for each share of Welbilt common stock.
Timothy FitzGerald will continue as CEO and as a member of the Middleby Board. Bryan Mittelman will continue to serve as Middleby's CFO.
Middleby plans to refinance Welbilt's existing debt through its committed Senior Secured Facility.
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