(Bloomberg) — Lone Star Funds agreed to buy industrial pump and valve maker SPX Flow Inc. for $3.8 billion, including assumed debt, the latest deal in the manufacturing industry.
SPX Flow investors will get $86.50 a share in cash, the companies said Monday. That’s 1% higher than Friday’s closing price.
Bloomberg reported last month that Lone Star was considering a bid for SPX Flow, citing people with knowledge of the matter. The company has been running a strategic review, working with Morgan Stanley, after rejecting a $3.59 billion takeover bid by Ingersoll Rand Inc. in July.
The company makes products including air and gas-treatment equipment and pumps under brands such as Deltech and Johnson Pump, according to its website.
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