Shares of flow control products and services provider CIRCOR International (NYSE:CIR) are skyrocketing at the time of writing today after it agreed to be acquired by global investment giant KKR & Co (NYSE:KKR) in a $1.6 billion all-cash deal.
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The $49 per share acquisition price represents a hefty 55% premium over CIRCOR’s June 2 closing price and the strategic move is expected to help the company drive new product development as well as aftermarket expansion.
Further, the addition of CIRCOR builds up on KKR’s expertise in flow control technologies and aerospace and defense industries. The acquisition is anticipated to close in the fourth quarter of this year.
After rising nearly 34% year-to-date, CIRCOR shares are already up a further 49.2% at the time of writing today.
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