Stamford-based ITT Inc., a maker of components for the transportation, industrial and energy sectors, announced it plans to buy a provider of process technologies for mixing and handling materials in the nutrition, health and industrial markets in a deal worth almost $5 billion.
ITT reached an agreement with Dallas-based private equity firm Lone Star Funds to purchase SPX FLOW through a combination of cash and $700 million in ITT common stock.
To finance the cash portion, ITT has secured commitments for a term loan and a bridge loan facility led by U.S. Bank National Association. The company also launched a public offering of 7 million shares at $167 each, seeking roughly $1.14 billion in proceeds to support the acquisition. If the transaction does not close, ITT said proceeds would be used for general corporate purposes.
Once completed, SPX FLOW will become part of ITT’s Industrial Process segment, which manufactures centrifugal and twin-screw pumps and engineered valves and generated $1.4 billion in revenue in 2024.
SPX FLOW reported $1.3 billion in revenue in the 12 months ended Sept. 27. About 43% of its business comes from aftermarket sales. Its portfolio includes brands such as Waukesha Cherry-Burrell, Lightnin and Bran+Luebbe.
The deal is expected to close by the end of the first quarter of 2026, pending regulatory and customary closing conditions.
