The purchase price includes £500 million paid at closing, as well as a potential earn-out payment in 2013 based on 2012 EBITDA performance. The total consideration will not be more than £750 million.
“Our purchase of ClydeUnion is consistent with our long-term strategy of expanding our Flow Technology capabilities, and we expect this will be a defining acquisition for us, as it immediately establishes a global platform for our Flow segment in the power and energy sector,” said Christopher Kearney, SPX’s chairman, president and CEO.