Ingersoll-Rand Co. said Thursday that it completed its acquisition of Trane, a heating, ventilation and air conditioning systems provider.
Trane becomes a subsidiary of Ingersoll-Rand. Its common stock stopped trading on the New York Stock Exchange at the end of Thursday's session, Ingersoll-Rand said.
Ingersoll-Rand said Trane shareholders approved the deal at a meeting earlier Thursday at Trane's headquarters in Piscataway, N.J.
Under terms of the deal, Ingersoll-Rand acquired all of Trane's outstanding shares for a combination of $36.50 in cash and 0.23 shares of Ingersoll-Rand common stock for each Trane share.
Company officials said the expect their combined comfort and climate control businesses to generate about $11 billion in revenue in 2008, and their industrial and security businesses each to generate revenue of about $3 billion for the year.
Separately, Ingersoll-Rand said in a regulatory filing that it entered into a new $3.9 billion senior unsecured revolving credit agreement that will be used to pay for the acquisition.
Ingersoll-Rand shares rose 63 cents to close at $43.83. Trane shares closed unchanged at $46.49.