Parker-Hannifin to Buy Filtration Group for $9.25 Billion

Parker-Hannifin Corp. agreed to buy Filtration Group from Madison Industries for $9.25 billion, building out the manufacturer’s industrial filtration business.

The price represents 19.6 times Filtration Group’s estimated adjusted earnings before interest, taxes, depreciation and amortization for this year, Parker-Hannifin said Tuesday in a statement. The transaction, which confirms an earlier Bloomberg report, is expected to close in six to 12 months.