Parker Hannifin Corp. announced Thursday an agreement to buy Clarcor Inc. in a cash deal that values the maker of filtration products at about $4 billion. Under terms of the deal, Parker will pay $83 for each Clarcor share outstanding, which is an 18% premium to Wednesday's closing price, and well above the Nov. 25 record close of $70.85. Including the assumption of debt, Parker will pay $4.3 billion. The deal, which is expected to close during the quarter ended September 2017, is expected to add to Parker's earnings and cash flow, and lead to annual synergies of $140 million. Parker plans to finance the deal with cash and new debt. The stocks remain inactive in premarket trade. Parker's stock has soared 43% year to date, while Clarcor shares have run up 42% and the S&P 500 has gained 7.6%.
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