Grupo Verzatec, S.A. de C.V. entered into an agreement to acquire Engineered Materials Segment from Crane Co. (NYSE:CR) for $360 million.
May 23, 2021
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Grupo Verzatec, S.A. de C.V. entered into an agreement to acquire Engineered Materials Segment from Crane Co. (NYSE:CR) for $360 million on May 16, 2021. The deal is on cash-free and debt-free basis. Crane Co. expect proceeds net of tax to be approximately $320 million. The sale is subject to customary closing conditions and regulatory approvals. Engineered Materials will be presented as discontinued operations beginning with the second quarter of 2021. As of March 18, 2022, The Department of Justice has filed a civil lawsuit seeking to block over competition concerns as a result of the transaction.
Thomas Christopher, Rebecca Farrington, Kenneth Barr, David Pezza, Seth Kerschner, Douglas Jasinski, David Dreier, and Arlene Hahn of White & Case LLP acted as legal advisors to Grupo Verzatec. Enrique Gonzalez and Nelda Plancarte of Gifak, S.C also acted as legal advisors to Grupo Verzatec.
Crane NXT, Co. is an industrial technology company that provides technology solutions to secure, detect, and authenticate what matters most to its customers. The Company operates through two segments: Crane Payment Innovations (CPI) and Security and Authentication Technologies. The CPI segment provides electronic equipment and associated software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications, including verification and authentication of payment transactions. The Security and Authentication Technologies segment provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods and industrial products. The Security and Authentication Technologies segment also provides brand protection and authentication solutions. The Company operates in the United States, the United Kingdom, Mexico, Japan, Germany, Sweden, and Malta.
CRANE NXT, CO. 
