Private equity firm KKR & Co is set to acquire industrial machinery manufacturer Circor International in a $1.6bn deal, taking the company private.
The acquisition will allow KKR to expand its investments in the flow-control market, which involves managing liquids and gases with products such as pumps, valves, compressors and meters.
Circor produces pump and valve systems for industries including oil and gas, aerospace, defence and industrial.
The deal sees KKR pay $49 a share, a 55% premium over Circor's Friday closing price, and will provide the company with access to Circor's customer base, which includes the US Department of Defense and commercial airlines.
