March 7 (Reuters) - Altra Industrial Motion Corpsaid on Wednesday it would buy four units of Fortive Corp'sautomation & specialty business in a
The deal comprises
Altra makes mechanical power transmission components used inindustrial applications. Fortive's automation & specialtybusiness makes mechanical parts such as clutches and brakes.
Structured as a Reverse Morris Trust deal, the transactionwill be tax-free for shareholders.
Fortive will contribute a part of its automation andspecialty business to a new wholly owned unit of Fortive whichwith then merge with a unit of Altra.
"With Fortive A&S, we gain exposure to industries withattractive secular growth dynamics, including the medical,robotics, factory automation and food and beverage industries,"Altra Chief Executive Officer Carl Christenson said in astatement.
The deal is expected to close by end of 2018.
Goldman Sachs & Co is Altra's financial adviser, while UBSInvestment Bank advised Fortive.(Reporting by Sanjana Shivdas in BengaluruEditing by Saumyadeb Chakrabarty)