Parker Hannifin Corporation, a global player in motion and control technologies, has announced an agreement for a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Meggitt, another global player in this industrial segment.
The announcement has been issued jointly by Parker and Meggitt plc through the UK’s Regulatory News Service (RNS) under Rule 2.7 of the UK Takeover Code. This acquisition remains subject to satisfaction of the conditions set out in the announcement, including regulatory clearances and approval by Meggitt’s shareholders. Meggitt, headquartered in Coventry, the UK, had annual revenue of approximately €1.9Bn in 2020 and employs more than 9,000 staff. The company has diverse aerospace and defence exposure with technology and products on almost every major aircraft platform. Meggitt is listed on the London Stock Exchange and is a constituent of the FTSE 250 index.