New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 21, 2014
09:22 EDTMNTXManitex to acquire PM Group for $107M
Manitex International announced that it has reached an agreement to acquire PM Group based in San Cesario sul Panaro, Modena, Italy. The agreement is subject to pending Italian court approval of a debt restructuring plan. Consideration of $107M in aggregate is to be paid $24M in cash provided by a new Manitex term loan with current Manitex bankers; $15M in new equity issuance distributed primarily to current PM banks and $68M in assumed debt and liabilities which includes working capital facilities for PM.
News For MNTX From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
January 15, 2015
10:59 EDTMNTXManitex completes acquisition of PM Group, SpA
Manitex International (MNTX) announced that it has successfully completed its previously announced acquisition of PM Group S.p.A. The purchase price of $91M, which reflects exchange rate changes in effect at the closing, compares to the previously announced price of $107M, and consisted of cash consideration of $21M, assumed non-recourse debt of $60M, and one million shares of Manitex common stock. Financing for the cash portion of the purchase price was provided by Manitex's recently announced new bank credit facilities and the issuance of new convertible subordinated notes to institutional investors. David J. Langevin, Chairman and CEO of Manitex International, stated, "The PM acquisition is expected to be accretive to our net earnings in 2015 and beyond. The addition of PM, together with ASV, our new joint venture with Terex Corporation (TEX), positions Manitex to start 2015 at an annual sales run rate of approximately $500M."

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use