Goodman Global to be Acquired Oct 23, 2007

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HVAC manufacturer Goodman Global announced today that it has agreed to be acquired by affiliates of private equity firm Hellman & Friedman LLC in an all-cash transaction valued at approximately US$2.65 billion. Under the terms of the agreement, Goodman stockholders will receive $25.60 in cash for each outstanding share of stock upon the closing of the transaction. Subject to satisfying customary closing conditions, the transaction is expected to be completed in the first quarter of 2008.

"I am pleased to announce this transaction," said Charles Carroll, President and CEO of Goodman. "After a thorough review of the strategic options available to the Company, we have concluded that this transaction will both reward our current stockholders and position Goodman for continued profitable growth. With the support of Hellman & Friedman, we expect to further enhance our position in the residential and light commercial HVAC marketplace as the value leader with a low-cost structure."

 

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