Diversified industrial company Fortive Corp. completed the sale of its automation and specialty business to Altra Industrial Motion Corp. on Oct. 1.
The transaction included an option for stockholders to exchange shares of Stevens Holding Co. Inc., a company formed to hold the automation and specialty business, for Fortive common shares. The offer expired at 8 a.m. ET on Sept. 26. Fortive accepted 15,824,931 shares of its common stock in exchange for the 35 million shares of Steven Holdings common stock owned by it after proration.
Each share of Stevens Holding common stock outstanding after the exchange offer was converted into one share of Altra common stock. Fortive common stockholders who participated in the exchange offer owned about 54% of Altra's common stock on a fully diluted basis after the completion of the merger.
Fortive also completed the transfer of certain non-U.S. assets, liabilities and entities of the automation and specialty business to certain Altra subsidiaries and received about $1.4 billion in cash proceeds and retirement of outstanding debt securities.
The sale of Fortive's automation and specialty business excludes its Hengstler and Dynapar businesses.