Which is the better "man" for the task? Apparently private equity firm Hellman & Friedman, which is shelling out $2.65 billion to acquire heating, ventilation, and air-conditioning equipment manufacturer Goodman Global, Inc. (NYSE: GGL). The move, occurring just as much of America switches their thermostats from "A/C" to "heat" mode, has been approved by a majority of Goodman shareholders. The finances of the deal break down to about $25.60 per share in cash, representing a 17% premium over Goodman's close on Friday evening. Today, the stock has charged almost 12% higher to approach the $24.50 area.
In an accompanying press release posted on BusinessWire, Goodman president/CEO Charles Carroll said he was "pleased to announce this transaction," noting that the company had "concluded that this ... will both reward our current stockholders and position Goodman for continued profitable growth."
The deal is expected to close in the first quarter of 2008. Hellman raised $1.1 billion in commitments from a number of partners, including Barclays Capital and General Electric Company (NYSE: GE)'s Commercial Finance arm.
Beth Gaston Moon is an analyst at Schaeffer's Investment Research.
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