The deal, which is subject to regulatory approval, is expected to close in the fourth quarter. On completion of the acquisition, Osaka-based Daikin will be the world’s largest maker of air conditioning units, overtaking United Technologies Corp.’s
According to the New York Times, Daikin had publicly announced its interest in acquiring Houston-based Goodman early last year, after the latter company’s private equity owner
Hellman & Friedman put it on the block. But the Japanese company walked away from the deal a few months later, citing the uncertain economic environment following the Fukushima earthquake.
The revived acquisition gives Daikin access to more than 900 distribution points in North America, as well as greater exposure to the region’s commercial air conditioning market.
The Davis Polk team includes Tokyo partners Theodore Paradise and Kyoko Lin, Menlo Park partner Mischa Travers, and New York partners Jeffrey Crandall, Michael Davis, and Ronan Harty.
As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters.
Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss.
Tailored just for you. In your inbox. Every day.