Gardner Denver - Ingersoll Rand Deal Gets European Commission Approval

(RTTNews) - Gardner Denver Holdings Inc. (GDI) and Ingersoll-Rand plc (IR) received unconditional clearance from the European Commission with respect to the proposed combination of the Industrial segment of Ingersoll Rand with Gardner Denver.

The proposed transaction has received all required regulatory approvals, and is expected to close early in 2020.

In April 2019, Gardner Denver and Ingersoll-Rand reached an agreement, by which Ingersoll Rand would separate its Ingersoll Rand Industrial unit by way of a spin-off to shareholders to combine with Gardner Denver. The resulting industrial company is expected to be called Ingersoll Rand and trade under Ingersoll Rand's existing ticker.

As per the terms of the deal, existing Ingersoll Rand shareholders would receive 50.1% of the shares of the new industrial company on a fully diluted basis, valued at approximately $5.8 billion. The Gardner Denver shareholders would retain 49.9% of the shares of IndustrialCo.