Spx Corp. (SPXC) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On February 7, 2024, SPX Technologies, Inc., through its subsidiary, acquired the entirety of Ingénia Group for C$405 million in cash from various vendors, subject to standard financial adjustments at closing. To secure the deal, a portion of the purchase price was placed in escrow to cover potential price adjustments and indemnification obligations. The agreement includes typical clauses regarding these adjustments and indemnification for certain representations and warranties, with additional guarantees provided by related parties to ensure the vendors meet their obligations under the terms of the Purchase Agreement.
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For a comprehensive understanding of the announcement, you can read the full document here.