Korea's Doosan closes record M&A deal

Doosan Corporation buys three business units from Ingersoll Rand for $4.9 billion in the country's largest outbound M&A transaction.

South KoreaƆs Doosan Corporation will buy the bobcat, utility equipment and attachments business units of Ingersoll Rand for $4.9 billion. Investors responded favourably to the deal, pushing the company's shares up 15% yesterday.

Doosan has acquired businesses engaged in the manufacture and sale of compact equipment, general-purpose light construction equipment and attachments. In calendar 2006, the combined businesses produced revenues of $2.6 billion, suggesting the deal has been transacted at a sales multiple of 1.9 times. Profit numbers for the...

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