March 7, 2018 / 12:23 PM / in 3 months

BRIEF-Press Release - Altra Industrial Motion Corp. To Combine With Fortive’s Automation & Specialty Platform

March 7 (Reuters) - Altra Industrial Motion Corp:

* PRESS RELEASE - ALTRA INDUSTRIAL MOTION CORP. TO COMBINE WITH FORTIVE’S AUTOMATION & SPECIALTY PLATFORM TO CREATE A GLOBAL LEADER IN THE POWER TRANSMISSION AND MOTION CONTROL INDUSTRY

* ALTRA INDUSTRIAL MOTION CORP - DEAL FOR APPROXIMATELY $3.0 BILLION

* ALTRA INDUSTRIAL MOTION CORP - TRANSACTION EXPECTED TO BE IMMEDIATELY ACCRETIVE TO NON-GAAP ADJUSTED DILUTED EARNINGS PER SHARE

* ALTRA INDUSTRIAL MOTION CORP - EXPECTED TO GENERATE ANNUAL SYNERGIES, VAST MAJORITY OF WHICH ARE COST, OF MORE THAN $50 MILLION FROM DEAL

* ALTRA INDUSTRIAL MOTION - BOARD UNANIMOUSLY APPROVED AGREEMENT TO COMBINE CO WITH 4 OPERATING COS FROM FORTIVE’S AUTOMATION AND SPECIALTY PLATFORM

* ALTRA INDUSTRIAL MOTION CORP - TRANSACTION IS EXPECTED TO BE TAX FREE TO COMPANIES’ RESPECTIVE SHAREHOLDERS

* ALTRA INDUSTRIAL MOTION CORP - COMBINED COMPANY IS EXPECTED TO GENERATE CUMULATIVE FIVE-YEAR FREE CASH FLOWS IN EXCESS OF $1 BILLION

* ALTRA INDUSTRIAL MOTION CORP - DEAL TO DOUBLE ALTRA’S RE TO ABOUT $1.8 BILLION FOR TWELVE MONTHS ENDED DECEMBER 31, 2017

* ALTRA INDUSTRIAL MOTION CORP - WILL INCREASE SIZE OF ITS BOARD WITH ADDITION OF ONE BOARD MEMBER DESIGNATED BY FORTIVE

* ALTRA INDUSTRIAL MOTION - TOTAL CONSIDERATION TO FORTIVE INCLUDES $1.4 BILLION OF CASH PROCEEDS AND DEBT REDUCTION FOR FORTIVE

* ALTRA INDUSTRIAL MOTION - COMBINED CO WILL CONTINUE TO BE LED BY ALTRA’S CURRENT CHAIRMAN AND CEO CARL CHRISTENSON, CHRISTIAN STORCH TO REMAIN CFO

* ALTRA INDUSTRIAL MOTION - TOTAL CONSIDERATION TO FORTIVE INCLUDES $1.6 BILLION IN NEWLY ISSUED CO’S COMMON STOCK TO FORTIVE’S SHAREHOLDERS

* ALTRA INDUSTRIAL MOTION CORP - UPON CLOSING, CURRENT ALTRA SHAREHOLDERS WILL OWN APPROXIMATELY 29.4 MILLION SHARES OR 46 PERCENT OF COMBINED COMPANY

* ALTRA INDUSTRIAL MOTION - INTENDS TO FINANCE TRANSACTION THROUGH A COMBINATION OF CASH ON HAND AND NEW DEBT

* ALTRA INDUSTRIAL MOTION - RECEIVED ABOUT $2.0 BILLION OF COMMITTED FINANCING FROM GOLDMAN SACHS BANK USA

* ALTRA INDUSTRIAL MOTION CORP - UPON CLOSING FORTIVE SHAREHOLDERS TO OWN 35.0 MILLION SHARES OR 54 PERCENT OF COMBINED COMPANY

* ALTRA INDUSTRIAL MOTION - UPON COMPLETION DEAL, CO INTENDS TO PRIORITIZE DEBT PAY DOWN WHILE MAINTAINING CURRENT DIVIDEND POLICY

* ALTRA INDUSTRIAL MOTION CORP - DEAL TO DOUBLE ALTRA’S REVENUE TO ABOUT $1.8 BILLION FOR TWELVE MONTHS ENDED DECEMBER 31, 2017 (FIXES TYPO) Source text for Eikon: Further company coverage:

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