KKR & Co Inc said on Monday it will buy industrial machinery maker Circor International Inc in a $1.6-billion deal and take it private, as the private equity firm looks to double down on investments in the flow-control market.
in a $1.6-billion deal and take it private, as the private equity firm looks to double down on investments in the flow-control market.
Circor, which has about 3,100 employees, makes pump and valve systems for sectors including oil and gas, industrial, aerospace and defense. KKR said it will pay $49 per share, sending Circor's stock up 49% at $47.20 in premarket trading. The offer represents a premium of nearly 55% to Circor's last close on Friday.KKR will benefit from Circor's customer base, which includes commercial airlines and the U.S. Department of Defense.Evercore, J.P. Morgan Securities LLC and Ropes & Gray LLP advised Circor, while Citi and Kirkland & Ellis LLP were KKR's advisers.
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