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Meggitt-USA acquires K&F Industries
By Lisa Kerner
Charlotte, N.C., June 22 - Meggitt-USA, Inc. a wholly owned U.S. subsidiary of Meggitt plc, completed the $1.8 billion acquisition of K&F Industries Holdings, Inc. first announced on March 6.
Under the agreement, Meggitt-USA will also assume $700 million of K&F's debt.
K&F stockholders will receive $27 per share in cash. The company's stock ceased trading at the close of business on Friday.
"Our merger with Meggitt is a great opportunity for our stockholders, our employees and the future of K&F," K&F president and chief executive officer Kenneth M. Schwartz said in a company news release.
"As a wholly owned subsidiary of Meggitt, K&F is now a critical component of an exceptionally strong global competitor in the aerospace and defense industry, and we look forward to making a significant contribution to the growth of the combined organization," Schwartz added.
Goldman, Sachs & Co. advised K&F, while NM Rothschild & Sons advised Meggitt. Merrill Lynch International acted as broker.
K&F is based in White Plains, N.Y., and manufactures braking equipment for commercial transport, general aviation and military aircraft through its Aircraft Braking Systems Corp. subsidiary.
Christchurch, England-based Meggitt specializes in aerospace equipment, sensing and defense systems.
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