-
- CIRCOR International Inc CIR has entered into a definitive agreement to be acquired by investment funds managed by KKR & Co Inc KKR in an all-cash transaction valued at approximately $1.6 billion, including debt.
- Under the terms of the agreement, KKR will acquire all outstanding shares of CIRCOR for $49 per share in cash.
- The offer represents a 55% premium to CIRCOR's closing stock price on June 2, 2023.
- KKR is making its investment in CIRCOR through its North America Fund XIII.
- The acquisition comes after KKR's recent investments in flow control technologies and aerospace and defense industry suppliers.
- "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 CIRCOR's Board Chair Helmuth Ludwig.
- The transaction is expected to close in the fourth quarter of 2023.
- After the transaction is completed, CIRCOR will be a privately held company wholly owned by KKR's investment funds and will no longer have its common stock listed on any public market.
- Price Action: CIR shares are trading higher by 49.29% at $47.28 in premarket on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
