Atlas Copco in $1.6 Billion Acquisition of Edwards Group

Cleary Gottlieb is acting as counsel to Lazard Frères & Co., as financial advisor to the board of directors of Edwards Group Limited, in connection with the acquisition of Edwards by Atlas Copco Group in a transaction valued at up to approximately $1.6 billion, including the assumption of debt.

Headquartered in the United Kingdom, Edwards is a leading developer and manufacturer of sophisticated vacuum products, abatement systems and related value-added devices. Atlas Copco is a Sweden-based provider of industrial productivity solutions.

In the acquisition, Atlas Copco will acquire Edwards for a per-share consideration of up to $10.50, which includes a fixed cash payment of $9.25 at closing and an additional cash payment of up to $1.25 per share post-closing, depending upon Edwards’ achievement of 2013 revenue and adjusted EBITDA targets. The transaction was announced on August 19, 2013 and is expected to close in the first quarter of 2014.