Breaking Kkr Co Inc kkr to Acquire Circor International Inc cir for 6 Billion

BREAKING: KKR & Co. Inc. (KKR) to Acquire CIRCOR International, Inc. (CIR) for $1.6 Billion

Private equity firm KKR & Co. Inc. (NYSE: KKR) announced today its plan to purchase industrial machinery manufacturer CIRCOR International, Inc. (NYSE: CIR) in a significant deal worth $1.6 billion. This move has caused a surge in CIRCOR’s stock, with shares skyrocketing 49% to $47.20 in premarket trading.

Under the terms of the agreement, KKR will pay $49 per share, resulting in an equity value of nearly $1 billion based on calculations by Reuters. CIRCOR International, known for manufacturing pump and valve systems for various sectors such as industrial, aerospace, defense, and oil and gas, currently employs around 3,100 individuals.

The Wall Street Journal broke the news, citing insiders familiar with the matter. However, CIRCOR International has not yet responded to requests for comment from Reuters.

It’s worth noting that CIRCOR International had previously flagged irregularities in its financial statements and took steps to rectify the situation. Last year, the company enlisted the services of an independent accounting firm and engaged in preliminary discussions with potential buyers for a potential sale.

The completion of this acquisition is expected to take place in the fourth quarter of 2023.