RR Will Acquire Generator Maker
<i> From Times wire services </i>
LONDON —
Rolls-Royce PLC said today that it will acquire Northern Engineering Industries PLC in a deal that values the British maker of electrical generating equipment at about $520 million.
Rolls-Royce, the jet engines manufacturer, which already holds a 4.7% stake in the firm, said the stock swap values NEI at $2.18 a share. Rolls-Royce said it will offer seven new shares for every 10 NEI shares.
