KKR & Co. agreed to buy Circor International Inc. for $1.7 billion including debt after boosting its offer for the maker of industrial valves and pumps.
(Bloomberg) — KKR & Co. agreed to buy Circor International Inc. for $1.7 billion including debt after boosting its offer for the maker of industrial valves and pumps.
KKR increased the all-cash price of its previously announced merger agreement to $51 a share from $49, according to a statement Tuesday. KKR also has agreed to provide a full equity backstop for the completion of the merger.
The decision by KKR to raise the price came after Burlington, Massachusetts-based Circor received an unsolicited proposal from a third party to buy the company for $52.65 a share in cash. Despite the price difference, Circor’s board unanimously decided in favor of KKR’s raised offer “because it offered more financing certainty and a clearer and faster path to receiving antitrust approvals,” the company said.
The transaction remains on track to close in the fourth quarter of 2023, Circor said, and is subject to shareholder and regulatory approvals.
(Updates with details of transaction, background)
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