Parker-Hannifin Corp acquires Denison International plc
Snapshot
Parker-Hannifin Corp acquired Denison International plc for approximately $244 million ($24.00 per share in cash; Parker also acquired Denison's $61.7M balance-sheet cash) in February 2004. The transaction was structured as all cash. Denison International plc is a Europe, Asia and North America (approximately 61% of revenue in Europe)-based Hydraulics Group business.
- Acquirer
- Parker-Hannifin Corp
- Target
- Denison International plc
- Value
- approximately $244 million ($24.00 per share in cash; Parker also acquired Denison's $61.7M balance-sheet cash)
- Date
- February 2004
- Type
- full acquisition (cash tender offer)
- Status
- ready
The deal at a glance
About this deal
Parker-Hannifin Corp acquired Denison International plc for approximately $244 million ($24.00 per share in cash; Parker also acquired Denison's $61.7M balance-sheet cash), a transaction completed in February 2004, structured as all cash.
Denison International plc operates in Hydraulics Group, is based in Europe, Asia and North America (approximately 61% of revenue in Europe), had revenue of about approximately $180 million annual revenue. Denison International is an industrial manufacturer and service provider for highly engineered hydraulic fluid power systems and components, with annual revenues of approximately $180 million and roughly 1,150 employees across Europe, Asia and North America. About 61 percent of revenues were in Europe.
Denison's excellent performance and established leadership in Europe and Asia were expected to strengthen Parker and accelerate its growth momentum in those regions.
Established hydraulics leadership in Europe and Asia with consistently strong profit margins in its European business. Operates as a division of Parker's Hydraulics Group
No advisory firms have been disclosed for this transaction.