Parker-Hannifin Corp acquires Meggitt plc
Snapshot
Parker-Hannifin Corp acquired Meggitt plc for 800 pence per share in cash; aggregate purchase price approximately GBP 6.3 billion (~$11.13 per share at announcement) in September 2022. The transaction was structured as all cash. Meggitt plc is a United Kingdom (global aerospace and defense operations)-based Aerospace Group business.
- Acquirer
- Parker-Hannifin Corp
- Target
- Meggitt plc
- Value
- 800 pence per share in cash; aggregate purchase price approximately GBP 6.3 billion (~$11.13 per share at announcement)
- Date
- September 2022
- Type
- full acquisition (UK scheme of arrangement)
- Status
- ready
The deal at a glance
About this deal
Parker-Hannifin Corp acquired Meggitt plc for 800 pence per share in cash; aggregate purchase price approximately GBP 6.3 billion (~$11.13 per share at announcement), a transaction completed in September 2022, structured as all cash.
Meggitt plc operates in Aerospace Group, is based in United Kingdom (global aerospace and defense operations). Meggitt plc is a UK-based international company supplying components and sub-systems for the aerospace, defense and selected energy markets. Parker offered 800 pence in cash per Meggitt share under a Rule 2.7 announcement pursuant to the UK City Code on Takeovers and Mergers, implemented via a court-sanctioned scheme of arrangement.
Implemented under the UK takeover code as a transformational addition to Parker's Aerospace Group; financed via a bridge term loan facility of up to GBP 6.524 billion and a $2.0 billion delayed-draw term loan.
Major aerospace and defense platform with aftermarket exposure that significantly scaled Parker's Aerospace Group. Combined with Parker's Aerospace Group
No advisory firms have been disclosed for this transaction.