Duravant to Acquire Key Technology for Approximately $175 Million
January 25, 2018
Cleary Gottlieb is representing Duravant LLC (Duravant), which announced on January 25, 2018, that it has entered into a definitive agreement to acquire Key Technology, Inc. (Key Technology).
The transaction brings together two global engineered equipment leaders and significantly extends Duravant’s reach across food processing with new complementary products and applications.
Under the terms of the agreement, which has been unanimously approved by Key Technology’s board of directors, Duravant will commence a tender offer to acquire all of the outstanding shares of Key common stock for $26.75 in cash, in a transaction valued at approximately $175 million.
Duravant is aa global engineered equipment and automation solutions provider to the food processing, packaging and material handling sectors. Key Technology is a leading designer and manufacturer of digital sorting, inspection, conveying, and processing equipment.