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BOC Edwards’ buy out will aid growth in Asia

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CCMP Capital have reached agreement with The Linde Group to acquire BOC Edwards.

CCMP Capital have reached agreement with The Linde Group to acquire BOC Edwards. The deal is valued at €685m (£460m), with an additional payment of €65m (£45m) if CCMP Capital is successful in developing the business and subsequently exiting its investment.

The acquisition follows last year's acquisition of The BOC Group by Linde and Linde's announcement last September that it intended to focus on its global gases operations and would review strategic options for the divestment of BOC Edwards.CCMP Capital Advisors and CCMP Capital Asia are acquiring the main vacuum and semiconductor equipment business of BOC Edwards. The pharmaceutical division will remain a subsidiary of The Linde Group.

Commenting on the announcement Nigel Hunton, Chief Executive of BOC Edwards, said, "We are delighted to welcome CCMP as our new partners. We feel they have a real understanding for our business and its potential and that their financial strength and scale will support the company as we develop our operations worldwide. This is the start of a new independent era for BOC Edwards in which we can focus on delivering our products and services to our customers."

Stephen Welton from CCMP Capital Advisors added, "We are very pleased to have reached agreement to acquire BOC Edwards. We believe that under CCMP's ownership BOC Edwards can move to a new level as an independent company and develop its technology in new markets whilst retaining its core areas."

John Lewis from CCMP Capital Asia commented, "BOC Edwards has a rapidly growing Asian customer base, including leading semiconductor companies and equipment manufacturers in Greater China, Korea, Japan and Singapore. We will support management, using CCMP's presence and experience in these markets to help BOC Edwards get closer to their fast growing Asian customer base."

The companies expect to close the transaction between the beginning of May and the end of June subject to regulatory review and customary closing conditions.

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