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CIRCOR Int'l To Be Taken Private By KKR In $1.6 Bln All-cash Deal
(RTTNews) - CIRCOR International, Inc. (CIR) announced Monday that it has entered into a definitive agreement to be acquired by investment funds managed by global investment firm KKR in an all cash transaction valued at approximately $1.6 billion, including the assumption of 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 June 2, 2023. KKR is making its investment in CIRCOR through its North America Fund XIII.
Following the close of the transaction, KKR will support CIRCOR in expanding its equity ownership program to allow all employees to have the opportunity to participate in the benefits of ownership of the Company.
The Board of Directors of CIRCOR has unanimously approved the transaction and recommends that CIRCOR shareholders vote in favor of the transaction.
The transaction is expected to close in the fourth quarter of 2023, subject to the receipt of approval from the Company's shareholders and certain required regulatory approvals, as well as the satisfaction of other customary closing conditions.
The Board will have the right to terminate the merger agreement to enter into a superior proposal, subject to the terms and conditions of the merger agreement.
Once the transaction is complete, 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.
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