Reuters: Mergers News: UPDATE 1-Tyco to combine flow control business with Pentair

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Tyco to combine flow control business with Pentair Mar 28th 2012, 10:23 Wed Mar 28, 2012 6:23am EDT * Combined company to have 2012 revenue of $7.7 bln * Values Tyco's flow control business at $4.9 bln March 28 (Reuters) - Tyco International said it will merge its flow control business with Pentair Inc to create a global filtration products major with $7.7 billion in annual revenue. The all-stock deal values Tyco's flow business at $4.9 billion, including debt and $94 million minority interest. On completion of the deal, expected in September, Tyco shareholders will own about 52.5 percent of the combined company while Pentair will hold about 47.5 percent. The deal, structured as a Reverse Morris Trust transaction to save on tax, is expected to add 40 cents a share to Pentair's 2013 earnings. The combined company will be headed by Pentair CEO Randall Hogan, the two companies said in a combined statement. In September 2011, Tyco said it plans to split into three publicly traded companies, positioning itself for expected consolidation in its diverse businesses. Deutsche Bank Securities is acting as financial adviser to Pentair, while Goldman is advising Tyco. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions