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United Technologies buys Goodrich for $18.4 billion

United Technologies said late Wednesday it has struck a deal to acquire Goodrich at a 16% premium to the stock's latest close.

United Technologies said it is paying $127.50 per share in cash to buy Goodrich. The deal totals $18.4 billion, including $1.9 billion in net debt. United Technologies said it expects finance the deal with debt and equity issuance, with the equity component likely 25% of the total.

Shares of Goodrich finished Wednesday's session at $109.49 and traded around $122 at 8 p.m. ET before the deal was officially announced.

United Technologies is an industrial systems and aerospace giant with a market cap around $68 billion. The company manufactures everything from elevators and escalators to helicopters and fuel cells. Goodrich is primarily an aerospace company and manufactures aircraft landing systems and electronic systems.

United Technologies expects the transaction will be accretive to earnings in the second year. United Technologies also reaffirmed its expectations for 2011 revenues of approximately $58 billion, earnings per share in the range of $5.35 to $5.45.

The deal announcement is not a surprise, after The Financial Times reported earlier this week that United Technologies would spend about $15 billion to buy Goodrich.

Press release issued by UTC Aerospace Systems on September 21, 2011

 

 Contact details from our directory:
UTC Aerospace Systems Engine Health Monitoring, Thrust Reversers, Telemetry Equipment, Proximity Sensors, Engine Pylons, Nacelles, Ice Detectors, Cabin Heaters, Fuel Quantity Indicators, Fuel Tanks & Systems, Aircraft Interior Lighting Systems, Aircraft Security Equipment, Aircraft Exterior Lighting Systems, Fuel Control Systems, Engine Controls, Electrical Actuators, Ice Protection/Prevention Equipment, Cargo Systems, Crew Seating, Sensors/Transducers, Avionics Management Systems, Aircraft Structural Components, Aircraft Wheels, Aircraft Landing Gear, Electrical Brakes, Coatings, Aircraft & Helicopter Controllers, Fire Fighting/Detection Systems, Emergency Generators, Airborne Electrical Power Supplies
United Technologies Corporation

 

 Related directory sectors:
Warning Systems
Structural Components
Sensors, Transducers & Detectors
Safety & Security Systems
Mechanical Components
Lighting
Landing Assemblies
Indicators and Instruments
Fuel Systems
Flight and Data Management
Environmental Systems
Engine Components
Crew Seating
Communications (Airborne)
Cargo Systems
Actuation

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