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Analysts applaud $880m Invensys disposal.
(From Financial News (Daily))
Analysts have welcomed the $880m ('891m) sale by Invensys, the UK energy management and technology company, of a US subsidiary, saying the group could now exceed its disposal programme targets.The company offloaded Rexnord, a US power transmission component manufacturer, to private equity firm The Carlyle Group. Invensys shares jumped 6.5% on the news.
Bank of America and Deutsche Bank worked for Invensys on the deal. Weil, Gotshal & Manges provided legal advice.
The sale price, $913m minus $33m deducted for working capital, was almost a third higher than expected, according to John Pearson, an analyst at Merrill Lynch. "This is a good price for Invensys," he said in a research note.
The higher price caused ...
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