Crosby Group’s acquisition of Kito took another step forward with the companies receiving regulatory clearance to complete a merger.
Lifting and rigging equipment specialist Crosby Group made an offer to acquire all the outstanding shares of Yamanashi-based Kito on September 26, 2022. The cash tender offer price represents a premium of 64.3 percent compared to Kito’s closing share price on May 13, the last trading day before the transaction was originally announced. The deal is expected to close in Q1 2023.
Kito specialises in material handling equipment and has 90 years of experience making hoists and cranes. As HLPFI reported earlier this year, the merger will expand Crosby’s global reach enabling it to develop a broader portfolio of products while providing increased levels of service, support, and training.
Robert Desel, ceo at Crosby Group, said: “The receipt of regulatory clearances and commencement of the cash tender offer are key milestones as we work toward the completion of our business combination with Kito and thus the creation of a global provider of comprehensive lifting solutions.”
Source: heavyliftpfi.com
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