Business Acquisitions and Divestitures

6 Months Ended

Jun. 30, 2017

Business Acquisitions [Abstract]

Business Acquisitions

4. Business Acquisitions and Divestitures

Acquisition of Phase Technology - On June 21, 2017, Roper acquired the assets of Phase Technology, a business engaged in the design, manufacture, marketing and sales of test instruments, for a purchase price of CAD 44 million (approximately $33 million). The results of operations of Phase Technology did not have a material impact on Roper's consolidated results of operations. Phase Technology is reported in the Energy Systems & Controls segment.

The Company recorded $19.2 million in goodwill and $13.8 million of other identifiable intangibles in connection with the acquisition. The amortizable intangible assets include customer relationships of $8.1 million (9 year useful life) and technology of $3.6 million (6 year useful life). Purchase price allocations are preliminary pending final tax-related adjustments.

Sale of Product Line -On May 15, 2017, Roper completed the sale of a product line in our Energy Systems & Controls segment for $10.4 million. The pretax gain on the sale was $9.4 million, which is reported in Other income/(expense), net in the condensed consolidated statements of earnings.