Crane Co looks set to go ahead with its acquisition of MEI, but for less than originally stated.
In December, Crane entered into a stock purchase agreement to acquire all of the outstanding equity interests of MEI Conlux Holdings and its affiliate MEI Conlux Holdings (Japan) for $820m.
During the process of obtaining the required regulatory approvals, it agreed to certain conditions imposed by the European Commission. Last month, the Commission cleared the deal on the condition that the company “implement remedies” relating to two product lines – divestiture of the B2B bill recycler product line and licensing in Europe for the Currenza C2 coin recycler product line.
In connection with these remedies, the two companies reached an agreement to revise the purchase price to approximately $804m. Once the remedies have been approved, the acquisition is expected to be completed in the fourth quarter of this year.
