Exclusive: SPX in exclusive talks to buy Gardner Denver - sources
NEW YORK |
NEW YORK (Reuters) - Industrial machinery maker SPX Corp (SPW.N) is in exclusive talks to buy rival Gardner Denver Inc (GDI.N) and hopes to finalize a deal by the end of the year, four people familiar with the matter said on Monday.
Gardner Denver told private equity bidders KKR & Co LP (KKR.N), Advent International and a consortium of TPG Capital LP and Onex Corp (OCX.TO) to put their pencils down until January while it negotiates a deal with SPX, the people said on condition of anonymity because discussions are confidential.
With a market value of about $3.5 billion, SPX is of similar size to Gardner Denver, which has a market capitalization of $3.35 billion.
Gardner Denver, SPX, KKR, TPG and Advent declined to comment, while Onex did not immediately respond to a request for comment.
Gardner Denver said on October 25 that it was pursuing strategic alternatives, including a sale of the company, after Reuters reported it had asked its financial adviser, Goldman Sachs Group Inc (GS.N), to solicit buyout offers.
(Reporting by Greg Roumeliotis and Soyoung Kim in New York; Editing by Bernard Orr)
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