Parker Hannifin Says Public Consultation Period For Meggitt Acquisition To End In July

(RTTNews) - Parker Hannifin Corporation (PH) on Tuesday said UK's Secretary of State for Business, Energy and Industrial Strategy announced that he is "minded-to accept" the national security and competition undertakings Parker has offered, regarding its pending acquisition of Meggitt PLC., announced on August 2, 2021.

Parker said the UK Secretary of State is expected to approve the acquisition after ending the public consultation period on July 13, 2022, without any further review.

The boards of Meggitt and Parker have reached agreement on the terms of the all cash transaction, Parker added.

The company expects to close the deal in the third quarter of 2022.