Linde Group, has sold the components unit of BOC Edwards to private- equity firm CCMP Capital Advisors LLC for €685m ($900m) to focus on making oxygen, nitrogen and hydrogen.
Linde will get a further €65m ($86m) when CCMP comes to sell the division that was bought in September as part of BOC Group Plc, the Munich-based company said in a statement today.
$quot;The price from the sale is a positive surprise and it’s not the first time that Linde has received more than forecast from a disposal,$quot; said Thorsten Strauss, an analyst at Nordeutsche Landesbank in Hannover with a $quot;hold$quot; recommendation on Linde stock.
U.S.-based CCMP, founded last year by former employees of JPMorgan Chase, was attracted by the components unit’s exposure to high-growth end markets for semiconductors, said Steve Welton, an executive at the buyout firm. $quot;It’s been part of a larger conglomerate and hasn’t necessarily had the focus,$quot; Welton said in an interview. $quot;There is very strong underlying growth driver.$quot;
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