Houston Business Journal editor, Emily Wilkinson selected Cameron International Corp. pending sell of its centrifugal compression business to Dublin, Ireland-based Ingersoll Rand PLC (NYSE: IR), a heating and air-conditioning systems manufacturer, for $850 million in cash as this weeks “Deal of the Week.”
Baker Botts served as antitrust counsel to Cameron in the sale. Partner Sean Boland and associate Ryan Foley, both in the firm’s Washington office, handled the matter on behalf of Baker Botts.
Cameron is hoping that with this sell they will dive deep and focus on its core market which is energy. Cameron — one of Houston’s largest public companies with 2013 revenue of $9.8 billion — will net about $600 million from the deal, after taxes, and will use the proceeds to fund stock repurchases. The deal is expected to close by the end of 2014.
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