(News Bulletin 247) – Circor International, a leading global provider of critical flow control products and services to the industrial, aerospace and defense markets, announced today that it has entered into an agreement final to be acquired by investment funds managed by KKR.
The transaction is valued at approximately $1.6 billion, including debt assumption.
Under the terms of the agreement, KKR will acquire all of Circor’s outstanding common stock for $49 per share, representing a 55% premium to the company’s closing stock price on June 2, 2023.
“Circor is in a strong position to grow and take advantage of the tailwinds in these markets,” added Josh Weisenbeck, who leads the investment team at KKR Industrials.
Circor’s Board of Directors has unanimously approved the transaction and recommends that Circor shareholders vote in favor of the transaction which is expected to close in the fourth quarter of 2023.
Once the transaction is completed, Circor will be a private company wholly owned by KKR’s investment funds and its common stock will no longer be listed on any public market.
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