Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, confirms that Meggitt Shareholders have approved the terms of the recommended cash acquisition of the entire issued and to be issued ordinary share capital of Meggitt PLC as announced on August 2, 2021. The transaction will proceed and is expected to close in the third quarter of calendar year 2022.
Meggitt PLC has issued a report announcing the voting results. The acquisition remains subject to satisfaction of the conditions set out in the scheme document, including regulatory clearances. Under the UK Companies Act, the Scheme of Arrangement further requires the sanction of the Court, currently expected during the third quarter of calendar year 2022.
“We are pleased that our recommended acquisition has been approved by Meggitt’s shareholders,” said Chairman and Chief Executive Officer, Tom Williams. “We are confident the combination of Meggitt and Parker creates a world class provider of engineered aerospace solutions, enabling us to advance next generation civil and military aerospace programs, invest in R&D to develop innovative and sustainable technologies, and create opportunities for team members.
“We understand the importance of a strong cultural fit in creating and nurturing successful organizations. The legally-binding commitments we offered alongside our recommended offer underline our intention to be a responsible steward of Meggitt, and we are engaged with the UK government to finalize the commitments. Bringing together the talent, skills and operational best practices from Meggitt and Parker will create a stronger value proposition for our customers, shareholders, employees and communities.”
Meggitt, headquartered in Coventry, UK, had annual revenue of approximately $2.3 billion in 2020 and employs more than 9,000 team members serving customers around the world. Meggitt has diverse aerospace and defense exposure with technology and products on almost every major aircraft platform. Meggitt is listed on the London Stock Exchange and is a constituent of the FTSE 100 index.