Aug 2, 2021

Meggitt agrees sale to US rival Parker Hannifin

Meggitt, the aerospace and defence engineer, is to be bought by US rival Parker Hannifin in a £6.3bn deal. Shareholders of Meggitt will receive 800p per share in cash, representing a knockout premium of 71 per cent to Friday's closing price. Parker Hannifin said it had made a number of commitments to the UK government, including keeping a UK head office and maintaining "Existing R&D, product engineering and direct manufacturing labour headcount in the UK at no less than current levels, while increasing by at least 10 per cent". Apex's approach trumps a potential 875p per share bid approach from fellow private equity group Cinven, revealed in June, which valued Sanne at £1.4bn. SSE agreed a deal to sell its entire 33.3 per cent stake in Scotia Gas Networks, the British Gas distribution company, for £1.23bn. The buyer is a consortium comprising of Ontario Teachers' Pension Plan, an existing SGN shareholder, and Brookfield. Under the sweetened Santos offer, Oil Search shareholders would own 38.5 per cent of a combined company with a portfolio of oil and gas assets spanning Australia, the Pacific and the US. Staying in Australia and Jack Dorsey's payments company Square has reached a deal to acquire Melbourne-based "Buy now, pay later" provider Afterpay in an all-stock deal worth about $29bn.

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