Crane Co. Wins Conditional EU Approval for MEI Conlux Deal

Crane Co. (CR), the maker of plane parts, pumps and composite materials, won European Union antitrust approval to buy MEI Conlux Holdings (U.S.) Inc. for about $820 million to add machines for handling bank notes.

The clearance is conditional upon the divestment of a banknote recycler and acceptor product line in Canada and a coin changer product line Germany, the European Commission said in an e-mailed statement.

Crane also pledged not to close the acquisition before it reaches a binding agreement for the sale of the divestment businesses to a suitable purchaser approved by the EU’s antitrust authority, according to the commission.

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