Circor International to be bought by KKR in $1.6B deal

Nastassia Samal

Circor International (NYSE:CIR) +49% pre-market Monday after global investment firm KKR (NYSE:KKR) agreed to acquire the company for $1.6B, including the assumption of debt.

Under the deal terms, KKR (KKR) will acquire all outstanding Circor (CIR) common stock for $49/share in cash, a 55% premium to the company’s closing stock price on June 2.

"We believe that having the support and resources of an experienced investor like KKR will help us expand our presence in the flow control space and support our mission to deliver the highest-quality products and services to our customers, many of which play a critical role in protecting national security," Circor (CIR) President and CEO Tony Najjar said.

Circor (CIR) said in March 2022 it was pursuing strategic alternatives after receiving multiple inquiries from interested buyers.

More on Circor International:

• Financial and valuation comparison to sector peers
• Analysis: Circor International: Undervalued Stock With Solid Upside Potential
• Stock price return: Up 34% YTD, up 58.5% in the past 12 months

Comments

[JunkBondage]

Four years late but I’ll bloody take it.

[Robertsgreatrestorations]

@JunkBondage Thats because the Great Reset is running late lol

[Askar Top]

@JunkBondage why late ?

[JunkBondage]

@Askar Top Because in 2019 Circor rejected first a $45 per share, then $48 per share offer from Crane (CR) and refused to even engage with them. They could have negotiated $50+ if they tried but they didn’t. Shares subsequently traded as low as $9. Four years later and we get $49. While I’m happy to see $49, if they had just done the right thing in 2019, that $48 could be $60+ to $70+ today if proceeds were invested in an index fund for four years.