{"id":18573,"date":"2023-06-05T19:58:25","date_gmt":"2023-06-05T23:58:25","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/circors-stock-rockets-after-buyout-deal-with-kkr-valued-at-1-6-billion-including-debt\/"},"modified":"2023-06-05T19:58:27","modified_gmt":"2023-06-05T23:58:27","slug":"circors-stock-rockets-after-buyout-deal-with-kkr-valued-at-1-6-billion-including-debt","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18573","title":{"rendered":"Circor\u2019s stock rockets after buyout deal with KKR valued at $1.6 billion, including debt"},"content":{"rendered":"
\n

Shares of Circor International Inc. rocketed toward a near five-year high Monday after the flow-control-products company announced a deal to be acquired by KKR & Co. in a cash deal valued at $1.6 billion, including debt.<\/p>\n

Under the terms of the deal, Circor shareholders will receive $49 for each Circor share they own, which represents a 54.7% premium to Friday\u2019s closing price of $31.67 and implies a market capitalization for Circor of $999.1 million.<\/p>\n

\n

Circor\u2019s
\n CIR,
\n +51.06%<\/bg-quote>
\n stock soared 49.9% in morning trading, putting it on track to record the biggest one-day gain since it went public in October 1999. The stock was also headed for its highest close since October 2018.<\/p>\n

KKR
\n KKR,
\n +0.78%<\/bg-quote>
\n shares edged up 0.2%.<\/p>\n

The deal, which is expected to close in the fourth quarter of 2023, follows a strategic review Circor initiated in March 2022.<\/p>\n

\u201cWe believe that this transaction and the immediate cash value it will provide to Circor\u2019s stockholders best achieves the Board\u2019s goal of unlocking the significant incremental value within Circor for its stockholders,\u201d said Circor Chair Helmuth Ludwig.<\/p>\n

Circor Chief Executive Officer Tony Jajjar added: \u201cWe 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.\u201d <\/p>\n

Once the deal closes, Circor said KKR will support the expansion of its stock-ownership program for its employees.<\/p>\n

Circor\u2019s stock has now run up 98.2% year to date, while KKR shares have advanced 15.8% and the S&P 500
\n SPX,
\n -0.20%<\/bg-quote>
\n has climbed 11.6%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Circor International Inc. rocketed toward a near five-year high Monday after the flow-control-products company announced a deal to be acquired by KKR & Co. in a cash deal valued at $1.6 billion, including debt. Under the terms of the deal, Circor shareholders will receive $49 for each Circor share they own, which represents […]<\/p>\n","protected":false},"author":1,"featured_media":18574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-18573","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nCircor\u2019s stock rockets after buyout deal with KKR valued at $1.6 billion, including debt | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Circor International Inc. rocketed toward a near five-year high Monday after the flow-control-products company announced a deal to be acquired\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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