Valley National Gases has been acquired by Caxton-Iseman Capital for $312m.
This is the private investment firm\\$quot;s first venture in the industrial gas and welding supply markets.
Under the terms of the agreement, public shareholders of Valley National will receive $27.00 in cash for each share they own, which is equal to the closing price of Valley National shares on 13th November 2006.
Following completion of the transaction, Valley National will operate as a private company and continue to be headquartered in Washington, Pennsylvania.
Completion of the transaction, which is expected to occur in the first quarter of 2007, is subject to approval by Valley National shareholders, expiration of the applicable Hart-Scott-Rodino waiting period, completion of debt financing and customary closing conditions.