Shareholders at U.K.-based aerospace company Meggitt voted to approve the acquisition offer from Parker Hannifin (NYSE: PH), a Cleveland-based provider of motion and control technologies for the aerospace and industrial markets.
The transaction is expected to be completed in the third quarter of calendar year 2022, subject to regulatory clearances, Parker said Tuesday.
Tom Williams, chairman and CEO of Parker, said the company is pleased with the decision of Meggitt’s shareholders to approve the offer.
Williams noted that the proposed combination will create a new engineered aerospace platforms provider that would enable Parker to advance military and civil aerospace programs, invest in technology research and development efforts and generate opportunities for team members.
In early August, Parker agreed to buy Meggitt for 800 pence in cash per share, or about 6.3 billion pounds.
TransDigm Group (NYSE: TDG) made an unsolicited bid to acquire Meggitt for 900 pence in cash per share. In early September, the Cleveland-based manufacturer of engineered aerospace components decided not to pursue a firm offer for the British company.
Meggitt, which is listed on the London Stock Exchange, operates with over 9,000 employees serving customers in aerospace and defense segments worldwide and recorded approximately $2.3 billion in 2020 revenue.