Chart Industries to Acquire AirSep Corporation for $170M
Chart Industries, Inc. (Nasdaq: GTLS), announced today that it has entered into a definitive agreement to acquire AirSep Corporation for $170 million in cash and up to $10 million in assumed debt. The transaction also includes senior management retention arrangements to ensure business continuity.
The transaction is expected to be completed in the third quarter of 2012 after satisfaction of certain closing conditions, including expiration of the Hart-Scott-Rodino ("HSR") waiting period. AirSep is expected to add approximately $130 million in annual revenues to Chart's BioMedical segment with improved gross margin as compared to Chart's average consolidated gross margin, excluding acquisition-related costs. Revenue and margins are expected to grow in future periods for this business, and Chart expects the acquisition to be accretive to future earnings.
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