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Parker-Hannifin to buy British engineer Meggitt in $8.76 bln deal

Credit: REUTERS/BENOIT TESSIER

U.S. industrial firm Parker-Hannifin said on Monday it has agreed to buy Meggitt in a deal that values its British rival at 6.3 billion pounds ($8.76 billion).

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Aug 2 (Reuters) - U.S. industrial firm Parker-Hannifin PH.N said on Monday it has agreed to buy Meggitt MGGT.L in a deal that values its British rival at 6.3 billion pounds ($8.76 billion).

Parker-Hannifin said Meggitt shareholders will receive 800 pence in cash per share held, which reflects a 70.5% premium to the London-listed company's closing price on Friday.

The takeover is expected to add to earnings in the first full 12 months after the deal closes, Parker-Hannifin added.

($1 = 0.7190 pounds)

(Reporting by Muvija M in Bengaluru; Editing by Sriraj Kalluvila)

((muvija.m@tr.com; within UK: +44 20 7542 1810, outside UK: +91 80 61822698; Twitter: https://twitter.com/muvija_m;))

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