Davis Polk is advising Edwards Group Limited on its acquisition by Sweden-based Atlas Copco AB. The transaction is valued at up to approximately $1.6 billion, including the assumption of debt, made up of an initial cash payment of $9.25 per share at time of closing and an additional payment of up to $1.25 in cash, payable following finalization of the group’s 2013 financials, with the amount depending on the company’s 2013 revenue and achievement of certain adjusted EBITDA targets. The transaction is expected to close in the first quarter of 2014, and is subject to approval by Edwards’ shareholders, receipt of regulatory approvals and other customary closing conditions. Edwards shareholders representing approximately 84% of the current shares outstanding have entered into voting agreements with Atlas Copco in favor of the transaction.

The Edwards Group is a U.K.-based leading developer and manufacturer of sophisticated vacuum products, abatement systems and other related value-added services that are integral for the manufacturing processes for semiconductors, flat panel displays, LEDs and solar cells. The U.K.-based group has American Depositary Shares listed on Nasdaq. Atlas Copco is a provider of industrial productivity solutions, including the manufacture of compressors, expanders and air treatment systems, construction and mining equipment, power tools and assembly systems.

The Davis Polk corporate team includes partners Simon Witty, John Banes and Marc O. Williams and associates Joanna A. Valentine, Reuven B. Young and Christian Lang. Partners Kathleen L. Ferrell and Jonathan Cooklin and associates David Wilson, Dominic Foulkes and Avinash Venkatesh are providing tax advice. Members of the Davis Polk team are based in the London and New York offices.