Exclusive: SPX in exclusive talks to buy Gardner Denver - sources
NEW YORK (Reuters) - Industrial machinery maker SPX Corp (SPW.N) is in exclusive talks to buy rival Gardner Denver Inc GDI.N and hopes to finalize a deal by the end of the year, four people familiar with the matter said on Monday.
Gardner Denver told private equity bidders KKR & Co LP (KKR.N), Advent International and a consortium of TPG Capital LP and Onex Corp (OCX.TO) to put their pencils down until January while it negotiates a deal with SPX, the people said on condition of anonymity because discussions are confidential.
With a market value of about $3.5 billion, SPX is of similar size to Gardner Denver, which has a market capitalization of $3.35 billion.
Gardner Denver, SPX, KKR, TPG and Advent declined to comment, while Onex did not immediately respond to a request for comment.
Gardner Denver said on October 25 that it was pursuing strategic alternatives, including a sale of the company, after Reuters reported it had asked its financial adviser, Goldman Sachs Group Inc (GS.N), to solicit buyout offers.