CCMP Capital has reached an agreement with The Linde Group, the global gases company, to acquire BOC Edwards, a manufacturer of vacuum equipment. The deal is valued at £460m, with an additional payment of £45m if CCMP Capital is successful in developing the business.
The sale follows last year’s acquisition of The BOC Group by Linde and Linde’s announcement last September that it intended to focus on its global gases operations and would review strategic options for the divestment of BOC Edwards.
CCMP Capital Advisors and CCMP Capital Asia are acquiring the main vacuum and semiconductor equipment business of BOC Edwards. The pharmaceutical division will remain a subsidiary of The Linde Group.
The companies expect to close the transaction between the beginning of May and the end of June subject to regulatory review and customary closing conditions.