TAGS: vending machine industry, payment systems, cashless vending, Crane Co., MEI Conlux, Crane MEI acquisition, Crane Merchandising Systems, European Commission , MEI acquisition, antitrust concern
STAMFORD, CT -- Crane Co. said this week that the European Commission has extended its initial review period to rule on Crane's planned acquisition of MEI Conlux from July 5 to July 19.
Crane said the commission is focused on two product lines in the European market, so it is engaged in discussions with the EU's executive body regarding potential remedies that would affect less than 10% of the aggregate sales of the combined businesses. Crane said it remains hopeful that all antitrust concerns will be "favorably resolved in the initial review period."
Crane Co. also stated that the staff of the U.S. Federal Trade Commission has not indicated any significant concerns with the proposed transaction, which was announced late last year. It anticipates that the FTC will clear the transaction under the Hart-Scott-Rodino Act in the near future. Additionally, Crane said that the Ukraine competition authority has approved the transaction.
On Dec. 21, Crane Co., parent of Crane Merchandising Systems, said it had signed an agreement to purchase 100% equity interest in payment systems giant MEI from Bain Capital and Advantage Partners for approximately $820 million on a cash- and debt-free basis. | SEE STORY