Equipment maker Goodman to be bought for $1.8 billion
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HOUSTON — Goodman Global Inc., a manufacturer of heating, ventilation and air conditioning equipment, said Monday that it had agreed to be acquired by affiliates of private equity firm Hellman & Friedman in an all-cash deal valued at about $1.8 billion.
Goodman stockholders will receive $25.60 in cash for each outstanding share upon close of the transaction, which is expected to take place in the first quarter of 2008.
The offer is a 17% premium above Friday’s closing price of $21.84.
Including debt, Houston-based Goodman valued the deal at about $2.65 billion.
Goodman Global’s products, marketed primarily under the Goodman, Amana and Quietflex names, are designed for residential and light-commercial use.
Hellman & Friedman is a private equity investment firm with offices in San Francisco, New York and London.
Goodman shares rose $2.59, or 11.9%, to $24.43.
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