Colfax Closes $2.3B Deal For Charter International
FULTON, Md. (AP) — Pump and valve maker Colfax Corp. on Friday said that it closed a $2.3 billion acquisition of Charter International plc after approval by a regulator and the boards and shareholders of both companies.
Colfax said in September that it would buy Charter, which owns two engineering businesses, in a cash-and-stock deal worth about 1.53 billion pounds, or about $2.3 billion at Friday's exchange rates.
Colfax said then that the deal provides exposure to emerging markets and offers an additional growth platform in the welding and cutting industry. Charter's Howden division focuses on air and gas handling, and its ESAB business focuses on welding and cutting.
Charter is based in Ireland.
In afternoon trading, Fulton, Md.-based Colfax shares dipped 15 cents to $32.75.