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GKN completes Volvo deal
01-10-2012 15:49
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FTSE 100 engineering firm GKN said it had completed the acquisition of Volvo Aero, the aero engine division of AB Volvo.
Volvo Aero designs, engineers and manufactures components and sub-assemblies for aircraft engine turbines. The acquisition was announced back in early July.
GKN said the combination of its aerospace division and Volvo Aero would create a world leader in both aero structures and aero engine components.
GKN paid around £633m for the firm with the aid of a £140m placing back in July of new shares at 200p each with institutional investors.
The rest of the money came from new debt facilities.
The placing represented about 5% of the firm's market capitalisation based on its July 4th 2012 closing share price.
Volvo Aero designs, engineers and manufactures components and sub-assemblies for aircraft engine turbines. The acquisition was announced back in early July.
GKN said the combination of its aerospace division and Volvo Aero would create a world leader in both aero structures and aero engine components.
GKN paid around £633m for the firm with the aid of a £140m placing back in July of new shares at 200p each with institutional investors.
The rest of the money came from new debt facilities.
The placing represented about 5% of the firm's market capitalisation based on its July 4th 2012 closing share price.
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