© Reuters. CIRCOR (CIR) to be acquired by KKR in a $1.6 billion deal
Global investment giant KKR will acquire all shares of CIRCOR International (NYSE:) for $49 per share in cash, two companies said today.
The deal price represents a 55% premium to Circor’s closing stock price on June 2, 2023.
“Our agreement with KKR marks the successful culmination of a strategic review process conducted by the Board, supported by external advisors and the management team,” said Helmuth Ludwig, CIRCOR’s Board Chair.
The transaction is expected to be completed in the fourth quarter of 2023. Subjection to successful completion, Circor will be a privately held company wholly owned by KKR’s investment funds.
“CIRCOR stands out as an innovative and trusted solution provider, manufacturing mission-critical flow control products for industrials, aerospace and defense customers. We believe the Company is in a strong position to grow and benefit from the attractive tailwinds in those markets,” said Josh Weisenbeck, a KKR Partner who leads KKR’s Industrials investment team.
Circor International shares surged almost 50% in pre-market Monday.
Read the full article here
