U.K. engineering group, Meggitt, will buy a component business from U.S. company, Danaher for $685 million, The Wall Street Journal reports. Meggitt has raised $400 million in a share placing to help fund the purchase of the Pacific Scientific Aerospace (PSA) unit. The purchase will be funded by selling about 69.8 million shares to new and current institutional investors and is expected to complete by the end of April 2011. PSA offers fire suppression, electric power, electric actuation and security products, with 57% of its revenue generated in civil aerospace and 43% in military.
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