Oshkosh Corp. to acquire JBT AeroTech for $800M in cash

OSHKOSH CORP

Oshkosh entered into Stock and Asset Purchase Agreement to acquire all shares of JBT AeroTech from John Bean Technologies for $800M in cash, subject to adjustments.
Transaction expected to close by November 26, 2023, subject to HSR and foreign direct investment approvals.
Funding from cash on hand and existing revolving credit facility; Section 338(h)(10) election to be made.
Parties have customary termination rights; can terminate if not closed by Nov 26, 2023, with 2-month extension for regulatory approvals.
Oshkosh procuring a representations and warranties insurance policy for the transaction.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

OSHKOSH CORP entered into Stock and Asset Purchase Agreement with John Bean Technologies Corporation valued at $800 million payable in cash (effective 2023-05-26).

Action: entry
Agreement: asset purchase
Counterparty: John Bean Technologies Corporation
Value: $800 million payable in cash
Effective: 2023-05-26

Exact text from the filing

Oshkosh Corporation, a Wisconsin corporation (the “ Company ”), entered into a Stock and Asset Purchase Agreement, dated as of May 26, 2023 (the “ Purchase Agreement ”), by and among the Company, John Bean Technologies Corporation, a Delaware corporation (“Seller”), and JBT AeroTech Corporation, a Delaware corporation (the “ Target ”), pursuant to which, subject to the satisfaction or waiver of certain conditions set forth therein, the Company has agreed to acquire all of the issued and outstanding shares of capital stock of the Target and certain related assets of Seller or its subsidiaries (the “ Transaction ”).

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Source: SEC EDGAR

accession 0001104659-23-065661

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