SPX Technologies, Inc. (NYSE: SPXC) shares headed upward Friday, on word that it has completed its acquisition of Crawford United Corporation (OTC: CRAWA) a Cleveland-based holding company with a broad portfolio of highly engineered air handling and industrial products.
Crawford United’s shareholders voted in support of the transaction and, pursuant to the merger agreement governing the transaction,
Crawford United was merged with a subsidiary of SPX, with holders of Class A and Class B common stock of Crawford United being entitled to receive, after adjustments for satisfaction of indebtedness and payment of expenses, cash consideration of approximately $83.86 per share, representing an aggregate transaction value of approximately $300 million.
In connection with the acquisition, Crawford United’s shares of common stock will cease trading on the OTC Pink Limited Market before the open of market today.
The addition of Crawford United’s Commercial Air-Handling Equipment segment, comprised of Air Enterprises and Rahn Industries businesses, will expand SPX’s HVAC portfolio of custom air handling solutions and enhance its coil offering, bringing complementary technologies, design capabilities, and manufacturing footprint.
“Together,” read the press release, “these capabilities will advance SPX’s strategy to deliver differentiated solutions, drive long-term value for customers and shareholders, and align well with its capital deployment strategy of acquiring high-engineering content businesses.”
SPXC hiked $3.93, or 1.8%, to start the session at $222.08.
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