As previously announced, Modine Manufacturing has entered into a definitive agreement to acquire Scott Springfield Manufacturing, a leading manufacturer of air handling units, or AHU. In a regulatory filing, the company disclosed that the aggregate purchase price to be paid by the company to the seller parent will be C$257.0M, or approximately $191M, on a cash-free, debt-free basis. Modine expects to fund the purchase price with a combination of cash on hand and from its existing credit facility; as such, the closing of the transaction is not conditioned on the receipt of financing by the purchaser or Modine.
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