United Tech To Buy Goodrich
Industrial conglomerate United Technologies Corp. is acquiring aerospace manufacturer Goodrich Corp. in a deal valued at $18.4 billion, which includes the assumption of $1.9 billion in debt.
The deal had been rumored for days, sending Goodrich’s shares soaring. The stock was up a lot more than 11 % to $122 in aftermarket trading after word of the deal broke late Wednesday. United Technologies said it’ll pay $127.50 a share in cash for Goodrich, that is primarily based in Charlotte, N.C., and has 27,000 employees.
The total deal value quantities to a 16 % premium over Goodrich’s closing stock price Wednesday of $109.49. It is a 47 % premium above the stock’s price tag last Thursday, ahead of word of a pending deal initial leaked. Hartford, Conn.-based United Technologies stated it expects to finance the deal by way of a mixture of debt and by issuing stock.
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