(RTTNews) - SPX Technologies (SPXC) and Crawford United have entered into a definitive agreement for SPX to acquire Crawford United. The deal provides for Crawford to merge with a subsidiary of SPX, with holders of class A and class B common stock of Crawford to receive, after adjustments for satisfaction of indebtedness and payment of expenses, estimated cash consideration of approximately $83.42 per share, representing an aggregate transaction value of $300 million.
Upon closing, Crawford United's Commercial Air Handling Equipment segment will be included in SPXs HVAC segment. Crawford United's Industrial & Transportation Products segment is noncore to SPX's long-term strategy. These non-core businesses will be recorded by SPX as assets held for sale.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
