Buyer of PE-backed Noranco to be acquired by Berkshire Hathaway
Precision Castparts Corp (NYSE: PCP), which recently agreed to buy Canadian aerospace platform Noranco Inc, has entered into an agreement to be acquired by Berkshire Hathaway Inc (NYSE: BRK.A; BRK.B) for US$235 per share in cash. The deal, which is expected to close in early 2016, is valued at about US$37.2 billion, including net debt. In July, Precision, a U.S. manufacturer of metal components and products for aerospace, power and industrial markets, said it would buy Noranco for US$560 million. The pending deal will provide exits to U.S. private equity firm MidOcean Partners and Canadian pension fund manager PSP Investments, which bought Noranco in 2013.
10 August 2015•7 mins read
