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November 20, 2008 11:37:33 PM CST

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Ingersoll-Rand to Buy Trane for $10B in Cash and Stock

Posted Dec 17, 07 11:15 AM CST in Business 

(Newser) – In what would be the largest industrial acquisition since 1999, Ingersoll-Rand has agreed to buy Trane for $10.1 billion, creating the second-largest manufacturer of air conditioners and climate-control systems in the world, the Wall Street Journal reports. The deal requires regulatory and shareholder approval but little borrowing, because I-R recently sold assets for $6.2 billion.

The firms have combined revenues of $17 billion and earnings in excess of $2 billion. The transaction reflects the new reality in the deal-making world: As private-equity firms struggle to regain credit-worthiness, a company that would have been an obvious target for a leveraged buyout goes instead to a cash-rich corporation not dependent on the debt markets.

Source Wall Street Journal

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Ingersoll-Rand Co. will acquire Trane Inc. in a cash-and-stock deal valued at approximately $10.1 billion.   (© Ingersoll Rand)
The $10.1 billion merger will create one of the world's largest makers of air conditioners and climate-control systems.   (© Trane)
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mergers and acquisitions • private equity firms • Ingersoll Rand


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