19.96%SPY 79.52 
5.39%XLF 9.68 3.09%
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QUINCY, Ill. - Gardner Denver Inc., a producer of compressors and other machinery, said Monday it will buy Britain's CompAir Holdings Ltd. for about $395 million in cash and assumed debt in a move to extend its global market share.
| GDI | 19.53 |  1.49 |
The Quincy, Ill.-based company said the Redditch, Britain-based compressor maker generates more than three-quarters of its sales in Europe and Asia.
Gardner Denver said it reached separate share purchase agreements with the holders of CompAir's outstanding shares.
To finance the acquisition, Gardner Denver said it will use available cash and new syndicated credit facilities. The form, terms and size of the debt financing are subject to prevailing market conditions, the company said.
The transaction, subject to certain conditions and regulatory approvals, is expected to close in the fourth quarter of 2008.
Gardner Denver shares gained 19 cents to $54.30 in morning trading Monday.
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