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The Middleby Corporation to Acquire Welbilt, Inc.
April 21, 2021 GMT
ELGIN, Ill. & NEW PORT RICHEY, Fla. (BUSINESS WIRE) Apr 21, 2021
The Middleby Corporation (NASDAQ: MIDD) and Welbilt, Inc. (NYSE: WBT) have entered into a definitive agreement under which Middleby will acquire Welbilt in an all-stock transaction, enhancing the Middleby Commercial Foodservice platform with an attractive portfolio of products, brands and technologies. This transaction will bring together two complementary businesses, accelerate the Middleby growth strategy into key markets globally and increase core capabilities in highly attractive segments.
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April 21, 2021
The Middleby Corp. has agreed to acquire Welbilt, Inc. in an all-stock transaction, enhancing the Middleby commercial foodservice platform with additional products, brands and technologies, the companies announced in a press release.
The purchase price is approximately $2.9 billion in an all stock transaction, according to Reuters.
The combined business expands international operations, particularly in higher-growth regions across the globe and will drive $120 million in operational improvement with $100 million run-rate cost synergies and additional $20 million in Welbilt stand-alone business transformation program annual improvement, according to the press release.
The combined company will have approximately $3.7 billion in combined 2020 sales, 73% of which will come from the commercial foodservice segment.
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