Firm recognized for representation of SPX Corp. in its disposition of Edwards Systems Fire Technology Inc. to General Electric Co., <em>The Daily Deal</em>,

Firm recognized for representation of SPX Corp. in its disposition of Edwards Systems Fire Technology Inc. to General Electric Co., The Daily Deal, "GE Buys SPX Fire Detection Tech Business"

In the November 16th Daily Deal, an article entitled "GE Buys SPX Fire Detection Tech Business" notes that "Jeffrey Immelt's plan to refocus General Electric Co. on higher-growth businesses took another step...as the Fairfield, Conn.-based conglomerate agreed to purchase the fire detection technology business of SPX Corp. for nearly $14 billion in cash. GE and SPX confirmed...that the conglomerate would buy Edwards Systems Technology Inc. from Charlotte, N.C.-based SPX, ending weeks of rumors that linked acquisitive GE with the fire detection unit...For SPC the deal is part of a broader campaign to strengthen its balance sheet. The company last month struck a deal to sell its Bomag GmbH compacting-equipment division to Fayat SA for $446 million. The company, which also makes broadcast antennas, power transformers and other industrial products, acquired Edwards as part of its $2 billion purchase of General Signal Corp. in 1998. SPX said it would use the net proceeds to pay down debt and buy back stock." In the accompanying "Deal Memo," partners Aviva Diamant, Jonathan Adler, Joel Scharfstein, Linda Blumkin, Jonathan Lewis and John Bibona are named as representing SPX.

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