Duravant has entered into a definitive agreement to acquire Key Technology, enabling the former to further reach across food processing with new complementary products and applications.
Under the terms of the agreement, Duravant will commence a tender offer to acquire all of the outstanding shares of Key common stock for $26.75 in cash, in a transaction valued at approximately US$175 million.
Duravant serves customers and partners in over 190 countries worldwide across multiple sectors including food and beverage, agriculture, household goods, pharmaceuticals, distribution and industrials.
The company connects equipment, integration and lifecycle management through the company’s SupportPro services.
The transaction is expected to close in the first quarter of 2018, subject to the tender and acceptance of at least a majority of the outstanding shares of Key common stock as well as other customary closing conditions.
Following the close of the transaction, Key Technology will become a member of the Duravant family of operating companies.