DLJ Merchant Banking to Buy Thermadyne

Donaldson, Lufkin & Jenrette Inc.’s Merchant Banking Partners II said it would buy 82% of Thermadyne Holdings Corp. for $790 million in stock and debt. The DLJ fund will pay shareholders of Thermadyne, among the world’s top five makers of welding and cutting equipment, $34.50 each, or 19% more than the company’s closing share price Tuesday. Thermadyne stock rose $4.63 to close at $33.50 on Nasdaq. St. Louis-based Thermadyne has grown through acquisitions, making three in 1997 alone for $36 million in cash. The company plans to spend another $30 million to $40 million buying rivals in 1998, said Randall E. Curran, chairman and chief executive. DLJ shares rose 6 cents to $69.31 on the New York Stock Exchange.