Golden Valley, Minnesota-based water pump and filter company Pentair, Inc. announced Wednesday that it has agreed to acquire Tyco International Ltd.’s Flow Control business, known as Tyco Flow Control, in an all-stock transaction valued at $10 billion.
The deal comes some six months after Tyco International announced plans to split into three independent, publicly traded companies, each focusing on one of the conglomerate’s three main products: home security systems, flow control equipment, and commercial fire and security systems. According to a joint press release, the transaction-which is designed to be tax-free-is expected to be completed by September, pending regulatory and shareholder approval.
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