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KKR agrees $1.6bn deal for machinery maker CIRCOR

Investment funds managed by global private investment major KKR are to acquire CIRCOR International, a provider of flow control products and services for the industrial and aerospace & defence markets, in an all-cash deal valued at approximately $1.6bn, including debt.

Investment funds managed by global private investment major KKR are to acquire CIRCOR International (CIRCOR), a provider of flow control products and services for the industrial and aerospace & defence markets, in an all-cash deal valued at approximately $1.6 billion, including debt.

Under the terms of the agreement, KKR will acquire all outstanding shares of CIRCOR common stock for $49 per share in cash, representing a 55% premium to the company’s closing stock price on 2 June, 2023.

KKR is making its investment in CIRCOR through its North America Fund XIII. The investment builds on KKR’s recent experience investing in flow control technologies and aerospace & defense industry suppliers globally, including Ingersoll Rand (formerly known as Gardner Denver), Flow Control Group, Hensoldt, and Novaria Group.

The Board of Directors of CIRCOR has unanimously approved the deal and has recommended that CIRCOR shareholders vote in favour of the transaction, which is expected to close in the fourth quarter of 2023

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