trending Market Intelligence /marketintelligence/en/news-insights/trending/lucmisqqbfwz0aqnfh6nqq2 content esgSubNav
In This List

Fortive sells 4 automation and specialty business units to Altra Industrial

Blog

Europe: 5 key OTT trends to watch in 2022

Podcast

Next in Tech | Episode 50: InfoSec spending up, again…

Blog

Broadcast deal market recap 2021

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud


Fortive sells 4 automation and specialty business units to Altra Industrial

Diversified industrial growth company Fortive Corp. will sell four operating units from its automation & specialty platform to Altra Industrial Motion Corp. for approximately $3 billion.

Under the terms, Fortive will receive $1.40 billion in cash and debt reduction along with newly issued Altra shares worth approximately $1.60 billion.

Massachusetts-based Altra makes mechanical power transmission components. "The addition of the A&S platform bolsters our ability to compete effectively on a larger and more global scale in the broader automation space, to further our continuous improvement journey, and to optimize our portfolio in an expanded acquisition universe," said Carl Christenson, chairman and CEO.

The transaction is structured as a Reverse Morris Trust and will be tax free for the shareholders. Closing is expected by the end of 2018.

UBS Investment Bank served as financial adviser to Fortive; Skadden Arps Slate Meagher & Flom LLP counseled the company.