Deal reached to purchase Gardner Denver - Quincy News, Weather, Sports, and Radio

Deal reached to purchase Gardner Denver

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(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.

(Read the press release from the Gardner Denver web site here.)

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.

(See "Gardner Denver exploring other sale, merger options")

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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