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- 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.
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