SPX Corp. Said to Be Near $4 Billion Purchase of Gardner Denver

SPX Corp. Said to Be Near $4 Billion Purchase of Gardner Denver
SPX Corp., which produces industrial equipment for a variety of industries, emerged as the leader in the sale process earlier this month, said two people, who asked not to be named as the process is private. Photographer: Nell Redmond/Bloomberg

Dec. 19 (Bloomberg) -- SPX Corp. is close to announcing an agreement to buy Gardner Denver, a producer of industrial air compressors, for more than $4 billion, a person familiar with the matter tells Bloomberg’s David Welch.

* SPW emerged as leader earlier this month, two people said * GDI canceled meetings with 4 PE firms, the two said * Spokesmen for GDI, SPW didn’t return calls seeking comment * NOTE: GDI valued at ~$3.7b based on today’s close * NOTE: Reuters reported yday SPW closing in on $85/shr

($4.2b) buy of GDI

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To contact the reporter on this story: Jay Miller in New York at +1-212-617-4371 or bmiller63@bloomberg.net

To contact the editor responsible for this story: Jay Miller at +1-212-617-4371 or bmiller63@bloomberg.net

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