IDEX Corporation (www.idexcorp.com) entered into a definitive agreement to acquire Nova Technologies Corporation (NTC, www.novatechcorp.com), parent company of ADS LLC (www.adsenv.com) and a provider of metering technology and flow monitoring services for the water and wastewater markets. Headquartered in Huntsville, Ala., with regional sales and service offices throughout the United States and Australia, NTC has annual revenues of approximately $70 million.
The NTC transaction is expected to close in the fourth quarter of 2007 with a cash consideration of approximately $158 million and is projected to be accretive to IDEX’s earnings in 2008. The completion of this acquisition is subject to closing conditions The closing conditions include, but are not limited to: obtaining various third-party consents and regulatory approvals; the accuracy of representations and warranties and compliance with covenants; and other customary closing conditions.
Courtesy of Flow Research
