BLOOMFIELD, Conn. - Kaman (NYSE:KAMN) Corporation, a company with a presence in the aerospace, industrial, and medical markets, has finalized its sale to private equity firm Arcline Investment Management in a transaction valued at roughly $1.8 billion. This move, which was initially announced on January 19, 2024, received approval from Kaman shareholders on April 17, 2024.
Following the acquisition's completion, Kaman’s common stock will no longer be listed on the New York Stock Exchange, as trading has ceased. Shareholders are set to receive $46.00 per share in cash. Ian K. Walsh, Kaman's Chairman, President, and CEO, expressed optimism about the acquisition, stating that the company anticipates benefiting from additional resources and expertise to build upon its foundation and enhance its transformational strategy.
Arcline, which manages $8.9 billion in capital commitments, has described Kaman as an innovation-driven industry leader with a significant history and strong business portfolio. Arcline intends to support Kaman's continued success and growth as a provider of engineered components and subsystems.
J.P. Morgan Securities LLC acted as the exclusive financial advisor to Kaman, with Skadden, Arps, Slate, Meagher & Flom LLP, and Wiggin and Dana LLP providing legal counsel. Arcline's financial advisory was handled by Morgan Stanley & Co (NYSE:MS). LLC, with Latham & Watkins LLP and Paul Hastings LLP serving as legal counsel.
Kaman Corporation, established in 1945 by Charles H. Kaman, is known for its products in various sectors, including aerospace bearings and components, precision ball bearings, and aerostructures. Arcline is a private equity firm that focuses on investing in industrial businesses that contribute to a better future.
This article is based on a press release statement.
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