SPX Technologies, Inc. (SPXC): M&A transaction — SPX Technologies divests asbestos-liability subsidiaries to Canvas Holdco for cash and annual EPS benefit

SPX Technologies, Inc.

SPX contributed $138.85M in cash to subsidiaries; buyer Canvas contributed $8M capital.
Transaction expected to yield annual adjusted EPS benefit of $0.08 to $0.10 beginning 2023.
Estimated one-time loss recorded in Q4 2022, excluded from adjusted earnings per share.
Buyer Canvas is a joint venture of Global Risk Capital LLC and an affiliate of Premia Holdings Ltd.
Solvency opinions obtained from independent advisory firm for each target company post-sale.

item 1.01 item 2.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SPX Technologies, Inc. completed a disposition involving Canvas Holdco, LLC (closed 2022-11-01).

Action: disposition
Counterparty: Canvas Holdco, LLC
Closing: 2022-11-01

Exact text from the filing

On November 1, 2022, the Company transferred to the Purchaser the issued and outstanding limited liability company membership interests of SPX, LLC (the “ Sale ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SPX Technologies, Inc. entered into Purchase Agreement with Canvas Holdco, LLC (effective 2022-11-01).

Action: entry
Agreement: asset purchase
Counterparty: Canvas Holdco, LLC
Effective: 2022-11-01

Exact text from the filing

nto a Sale and Purchase Agreement (the “ Purchase Agreement ”) with Canvas Holdco, LLC, a Delaware limited liability company (the “ Purchaser ”), an entity formed by a joint venture of Global Risk Capital and Premia Holdings.

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68 m&a transactions filed in the last 30 days. Browse all m&a transactions →

SPX Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0000947871-22-001139

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