MAYFIELD HEIGHTS, Ohio—Parker Hannifin Corp. has received the go-ahead from shareholders of Meggitt P.L.C. to acquire the United Kingdom-based composites aerospace and defense supplier.
Mayfield Heights-based Parker, a maker of motion and control technologies, said in a Sept. 21 news release that Meggitt shareholders voted in favor of Parker's $8.7 billion buyout offer. Next up for Parker: securing the approval of the U.K. government.
Parker said in the release that it expects the transaction will proceed and close in the third quarter of 2022.
"We are pleased that our recommended acquisition has been approved by Meggitt's shareholders," Tom Williams, Parker Chairman and CEO, said in a statement.
"We are confident the combination of Meggitt and Parker creates a world-class provider of engineered aerospace solutions, enabling us to advance next-generation civil and military aerospace programs, invest in R&D to develop innovative and sustainable technologies, and create opportunities for team members," he said.
Meggitt produces composite structure and parts for both defense and civilian aircraft.
Parker has promised to continue supplying the U.K. government, and to maintain technology and manufacturing in the country. A majority of Meggitt's board will remain British.
Meggitt, headquartered in Coventry, England, had sales of about $2.3 billion in 2020, and it has more than 9,000 employees.
The backing from shareholders comes after a volatile period since Parker, in early August, announced its intention to acquire Meggitt. Cleveland-based aerospace company TransDigm Group Inc. made a preliminary offer for Meggitt that was larger than Parker's bid, but it dropped its pursuit in early September.
The acquisition of Meggitt would be Parker's biggest ever, beating the $4.3 billion purchase of filtration-products manufacturer Clarcor in 2017 and a $3.7 billion takeover of materials-science specialist Lord Corp. in 2019.