SPX Announces Agreement for Sale of European Power Generation Business Transaction Expected to Close by Year-End
CHARLOTTE, N.C., Nov. 23, 2016 (GLOBE NEWSWIRE) -- SPX Corporation (NYSE:SPXC) announced that it has entered into an agreement for the sale of its European Power Generation business (the “Balcke-Dürr group,” or “Balcke-Dürr”) to mutares AG (“mutares”), a German-based publicly traded industrial holding company. The closing of the transaction is expected to occur by December 31, 2016.
The terms of the purchase agreement include the sale of the subsidiaries comprising Balcke-Dürr in exchange for nominal cash at closing and a commitment by SPX to leave sufficient liquidity within Balcke-Dürr. A more detailed description of the transaction is provided in the company’s Form 8-K filed today with the United States Securities and Exchange Commission.