Public tender offer for Plc Uutechnic Group Oyj

SPX FLOW, Inc.

Posted on

7 Dec

2020

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Fast facts

Status:

Ongoing

Cross-border:

Yes

Deal value:

EUR 33.9 million

Dittmar & Indrenius > References > Public tender offer for Plc Uutechnic Group Oyj

We advise SPX FLOW and its subsidiary SPX FLOW Technology Germany in the EUR 33.9 million voluntary recommended public cash tender offer for all shares in Uutechnic Group

SPX FLOW Technology Germany GmbH and Uutechnic Group have entered into a combination agreement on 7 December 2020. The board of directors of Uutechnic Group has unanimously decided to recommend that Uutechnic Group’s shareholders accept the offer. SPX Flow and SPX FLOW Technology Germany have secured irrevocable undertakings to accept the tender offer from shareholders representing approximately 85% of the shares in Uutechnic Group.

Completion of the offer is subject to merger approval in Germany and certain other customary conditions, including acceptances from shareholders representing more than 90% of all issued and outstanding shares.

SPX FLOW’s product offering is concentrated in rotating, actuating and hydraulic technologies, as well as automated process systems, for the food, beverage and industrial markets. SPX FLOW had approximately USD 1.5 billion in annual revenues in fiscal year 2019 with operations in more than 30 countries and customers in more than 100 nations. SPX FLOW is listed on the New York Stock Exchange and currently has a market capitalization of approximately USD 2.2 billion.

UTG, founded in 1983, is a technology company offering mixing solutions that minimize lifecycle costs by brining global expertise in the process industries to customers locally. UTG agitators and mixers are designed for the most demanding environments in which reliable performance is essential for achieving a successful process. UTG operates globally and its main customer sectors are the chemical, food, metallurgical and fertilizer industries, as well as environmental technology, water treatment and pharmaceuticals. In 2019, UTG reported revenues of approximately EUR 16.8 million and an operating result of approximately EUR 0.9 million. The shares in UTG are listed on the official list of Nasdaq Helsinki.

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