Pentair Inc.(PNR)- NYSE
  • Fri, Aug. 19, 11:29 AM
    • "The purchase of Pentair’s (PNR -1.6%) Valves & Controls business adds definitive risk to Emerson’s (EMR -3.8%) earnings over the next several years," says Buckingham Research's Joshua Pokrzywinski, downgrading Emerson to Underperform from Neutral, and cutting the price target to $44 from $49.
    • “We believe the strategic overlap is less than ideal."
    • Also downgrading is Credit Suisse, to Neutral from Outperform. The price target remains at $57.
    • “Investors will be rightly cautious of this pitched ‘strategic deal’ at the wrong time of the cycle,” says Stifel's Robert McCarthy as he maintains his Buy rating. "The perception [will be] that Emerson has caught a falling knife in the same general end market where it struggled for the past two plus years.”
    • Previously: Emerson to buy Pentair's valves and controls business for $3.15B (Aug. 18)
    | Fri, Aug. 19, 11:29 AM | 9 Comments
  • Thu, Aug. 18, 5:12 PM
    • Emerson Electric (NYSE:EMR) has agreed to buy the Valves & Controls business of Pentair (NYSE:PNR) for $3.15B.
    • Pentair shares are up 1.1% after hours.
    • It's a move in line with Emerson's two core verticals, particularly combined with Emerson's planned multibillion-dollar divestitures of Network Power, Leroy-Somer and Control Techniques.
    • “This acquisition delivers on our strategic plan of investing in Automation Solutions and in markets where we have a global leadership position and see significant long-term growth opportunities,” says CEO David Farr in a statement.
    • The deal's expected to close in four to six months.
    • Conference call link
    | Thu, Aug. 18, 5:12 PM | 4 Comments
  • Fri, Jul. 22, 2:31 PM
    • Emerson Electric (EMR +0.2%) has made an offer to acquire pump manufacturer Pentair's (PNR +0.8%) valves and controls business, in a sale could be valued at ~$2B (£1.5B), Reuters reports.
    • Such a deal would free PNR from a unit that CEO Randy Hogan considers a laggard in generating cash, while allowing EMR to expand within its core sectors as it seeks to shed its network power and motors and drives businesses, according to the report.
    | Fri, Jul. 22, 2:31 PM | 5 Comments
  • Sep. 21, 2015, 7:13 AM
    • Pentair (NYSE:PNR) has completed the $1.8B acquisition of ERICO Global, a manufacturer of products for electrical, mechanical and civil applications.
    • The transaction is expected to add greater than $0.40 to 2016 adjusted earnings per share and will be funded through a combination of cash and investment grade financing.
    • Previously: Pentair to buy ERICO Global (Aug. 17 2015)
    | Sep. 21, 2015, 7:13 AM
  • Aug. 17, 2015, 7:23 AM
    • Pentair (NYSE:PNR) has agreed to acquire ERICO Global for $1.8B in cash (including debt), valuing the company at 12x 2015 forecasted EBITDA.
    • The transaction is expected to add greater than $0.40 to 2016 adjusted earnings per share and will be funded through a combination of cash and investment grade financing.
    | Aug. 17, 2015, 7:23 AM | 1 Comment
  • Jun. 9, 2015, 8:55 PM
    • GE's $12B deal to sell its U.S. private-equity lending business to Canada Pension Plan Investment Board is just the beginning of its plan to shed ~$200B of GE Capital assets - and a whole lot of cash to spend on takeovers.
    • Although GE may not make a move right away as it tries to complete the $14B purchase of most of Alstom’s energy business, Bloomberg figures it could amass a $40B war chest for takeovers.
    • Among speculated targets: Pentair (NYSE:PNR), a provider of water pumps and filtration systems; Flowserve (NYSE:FLS), a maker of industrial pumps and valves; electrical components manufacturer Hubbell (HUB.A, HUB.B); life sciences equipment maker Bio-Rad Laboratories (NYSE:BIO); and some of the assets Halliburton (NYSE:HAL) and Baker Hughes (NYSE:BHI) will divest as part of their merger.
    • Whatever the target, acquisitions likely will be part of GE’s transformation after asset sales and returning capital to shareholders.
    | Jun. 9, 2015, 8:55 PM | 26 Comments
  • Mar. 28, 2012, 6:15 AM

    Tyco's (TYC) Flow Control unit will merge with Pentair (PNR) in an all-stock deal that values Tyco Flow at ~$4.9B, including debt. (PR)

    | Mar. 28, 2012, 6:15 AM