(WGEM) - A deal has been reached to buy Gardner Denver.
Gardner Denver, Inc. has agreed to sell to KKR & Co. for about $3.7 billion after the buyout firm raised its offer.
Stockholders will receive $76 a share, the Wayne, Pennsylvania-based company said in a statement.
"The long-term future of Gardner Denver is bright," Pete Stavros, head of KKR's industrials team, said in the statement.
Gardner Denver began reaching out to private equity firms in late December after a deal with SPX Corp. fell through because SPX shareholders were not satisfied with the deal arrangement.
Gardner Denver shareholders must still approve the KKR deal. According to the press release, the deal is currently expected to close in the third quarter of 2013.
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