SPX To Acquire Crawford United

(RTTNews) - SPX Technologies (SPXC) and Crawford United have entered into a definitive agreement for SPX to acquire Crawford United. The deal provides for Crawford to merge with a subsidiary of SPX, with holders of class A and class B common stock of Crawford to receive, after adjustments for satisfaction of indebtedness and payment of expenses, estimated cash consideration of approximately $83.42 per share, representing an aggregate transaction value of $300 million.

Upon closing, Crawford United's Commercial Air Handling Equipment segment will be included in SPXs HVAC segment. Crawford United's Industrial & Transportation Products segment is noncore to SPX's long-term strategy. These non-core businesses will be recorded by SPX as assets held for sale.