Parker Hannifin (PH) has confirmed that the terms of its recommended cash acquisition of British company Meggitt have been approved by the latter’s shareholders.

Last month, Parker Hannifin signed an agreement to acquire Meggitt’s all issued and to be issued ordinary share capital in cash.

The $8.7bn (£6.3bn) takeover is expected to close in the third quarter of 2022.

However, the acquisition is dependent on meeting certain conditions, securing necessary regulatory approvals and other closing conditions.

Parker Hannifin chairman and CEO Tom Williams said: “We are pleased that our recommended acquisition has been approved by Meggitt’s shareholders.

“We are confident the combination of Meggitt and Parker creates a world-class provider of engineered aerospace solutions, enabling us to advance next-generation civil and military aerospace programmes, invest in R&D to develop innovative and sustainable technologies, and create opportunities for team members.”

The Meggitt acquisition is expected to strengthen Parker-Hannifin’s engineered aerospace offerings across the end markets of aerospace and defence.

Following the completion of the transaction, Meggitt will be merged into Parker-Hannifin’s Aerospace Systems segment that involves the design and manufacture of aerospace products.

Williams added: “We understand the importance of a strong cultural fit in creating and nurturing successful organisations.

“The legally binding commitments we offered alongside our recommended offer underline our intention to be a responsible steward of Meggitt, and we are engaged with the UK Government to finalise the commitments.

“Bringing together the talent, skills and operational best practices from Meggitt and Parker will create a stronger value proposition for our customers, shareholders, employees and communities.”

Meggitt employs more than 9,000 people and generated annual revenues of nearly $2.3bn during last year.