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Xerium Technologies, Inc. -- Moody's: Proposed acquisition by Andritz AG credit positive for Xerium

Moody's says on June 24, Xerium Technologies, Inc. (B2 stable) announced it will be acquired by Austria-based equipment supplier Andritz AG (unrated) for approximately $833 million in cash, including net financial liabilities of $590 million. The transaction is credit positive as Xerium's debt will either be assumed or repaid and the company will become part of a larger global supplier with stronger credit metrics. The companies announced that Andritz will pay $13.50 per Xerium share in cash, or more than 100% premium over Friday's close of $6.61.