Jones Day advised Parker-Hannifin Corporation on the deal.
Parker-Hannifin Corporation (NYSE: PH, “Parker”), the global leader in motion and control technologies, announced its divestiture of its Aircraft Wheel and Brake Division, located in Avon, Ohio, to Kaman Corporation (NYSE: KAMN) for $440 million.
The transaction has been entered into in connection with Parker’s proposed acquisition of Meggitt PLC (“Meggitt”). Closing of the divestiture is subject to regulatory approvals, while Parker’s pending acquisition of Meggitt remains subject to approval of the divestiture by the European Commission and ongoing review by other governments and regulatory authorities, including the U.K. Secretary of State for Business, Energy & Industrial Strategy and the U.S. Department of Justice.
The Jones Day team was led by Patrick Leddy (Picture) and Michael Gleason.
Law Firms: Jones Day;
Clients: Parker Hannifin;