KPS Capital Partners (KPS) announced it signed a definitive agreement to acquire Howden from Colfax Corp. for $1.80 billion, including $1.66 billion in cash consideration and $140 million in assumed liabilities and minority interest, subject to customary closing adjustments. Based in Glasgow, Scotland, and with a presence in 32 countries, Howden manufactures fans, compressors, heat exchangers, steam turbines, and other air and gas handling equipment. KPS manages a family of investment funds with approximately $5 billion of assets. J.P. Morgan Securities LLC and RBC Capital Markets acted as financial advisors, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS and its affiliates.
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