Simpson Thacher is representing Melrose Industries PLC in connection with the announced sale of its Nortek Air Management business to Madison Industries for an all-cash purchase price of approximately £2.62 billion ($3.625 billion), subject to limited customary adjustments. The transaction is expected to close in the second or third quarter of 2021, subject to customary antitrust approvals and Melrose shareholder approval. A portion of the net proceeds will be returned to Melrose shareholders.
Since Melrose acquired Nortek, Inc. in 2016, Melrose committed significant resources towards improving the Air Management business, and has achieved significant improvements to the business’s efficiency and profitability.
The Simpson Thacher team includes Eric Swedenburg, Jihyun Chung and Jess Yoon (M&A – New York); Ben Spiers, Adam Signy, Christopher Vallance, Tara Gibbons and Laura Harris (Corporate – London); Jonathan Goldstein, Joseph Tootle and Zachary Fialkow (Tax); Gregory Grogan, Patricia Adams and Allison Sweeney (ECEB); Peter Guryan, John Goheen, Mary Longenbaker and Andrew Jensen (Antitrust); Lori Lesser, Melanie Jolson and Alysha Sekhon (Intellectual Property); ;Adeeb Fadil (Environmental); Brian Gluck and Matthew Farrell (Banking and Credit); Richard Fenyes (Capital Markets); and Adam Cohen (Regulatory).