On March 23, 2005, SPX Corporation announced that it had completed the sale of its fire detection and building life-safety systems business Edwards Systems Technology to General Electric for $1.395 billion in cash. SPX intends to use the net proceeds from the transaction to pay down debt and repurchase equity.
Fasken Martineau advised SPX in this transaction with a team comprised of Scott Conover and Bruce Blain, Sean Morley (securities and mergers & acquisitions) and Douglas New (Competition Act/Investment Canada Act), and Ralph Nero (labour and employment).