UPDATE 1-Nordson Corp to buy ARAG Group in $1 bln deal
(Adds details on deal in paragraphs 2-4)
June 26 (Reuters) -
Nordson Corporation said on Monday it will buy Italy's ARAG Group and its subsidiaries in an all-cash deal for an enterprise value of €960 million ($1.05 billion).
On completion of the deal, ARAG will operate as a division in Nordson's Industrial Precision Solutions segment, the company said in a statement.
The transaction is expected to close in Nordson's fourth quarter fiscal 2023 and will be funded through a combination of cash on hand and financial debt.
Rubiera-Italy based ARAG is privately held by funds advised by Capvis AG, a European mid-market private equity firm, and makes spraying components used in agriculture. ($1 = 0.9173 euros) (Reporting by Priyamvada C in Bengaluru; Editing by Nivedita Bhattacharjee)
