Industrial components maker SPX Flow Inc. (SPX) said Monday, Dec. 13, it has agreed to a $86.50 per share, or $3.63 billion, sale to Lone Star Funds following a robust sales process and strategic review.
The SPX sale process was likely kicked off this summer after the company said July 19 it rejected an $85-per-share offer from pumps and compressors manufacturer Ingersoll Rand Inc. (IR).
The deal “removes any market risk, of which there has been significant over the last two years, and execution risk of achieving the targets set,” Stifel Financial Corp. analyst Nathan Jones wrote in a Monday note to clients.
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