Ametek is to acquire all of the outstanding shares of common stock of Mocon at a price of USD30 per share in cash, which represents a premium of 39 per cent to Mocon’s closing share price on 13 April 2017.
The aggregate enterprise value of the transaction is approximately USD182 million, taking into account Mocon’s outstanding equity awards and net cash to be acquired in the transaction.
The transaction was unanimously approved by the board of directors of Mocon.
Founded in 1963 and headquartered in Minneapolis, Mocon is a provider of laboratory and field gas analysis instrumentation to research laboratories, production facilities and quality control departments in food and beverage, pharmaceutical, and industrial applications. For the year ending 31 December 2016, Mocon had sales of approximately USD63 million.
“Mocon is an excellent company that has tremendous synergy with Ametek,” says David A Zapico, Ametek chief executive officer. “They are the global leader in gas analysis instrumentation for package and permeation testing. Its products and technologies nicely complement our existing gas analysis instrumentation business and provides us with opportunities to expand into the growing food and pharmaceutical package testing market.”
“We believe this transaction creates significant value for our shareholders and provides longterm benefits for our customers and employees,” says Robert L Demorest, Mocon president and chief executive officer. “By joining a larger global enterprise, Mocon will have the resources to expand our market leading gas analysis products and technologies. We look forward to joining the outstanding team at Ametek.”
The closing of the transaction is subject to customary closing conditions, including the approval of Mocon’s shareholders and applicable regulatory approvals.
The transaction is expected to be completed in the late second quarter or third quarter of 2017.
