Irving-based Flowserve (NYSE: FLS) announced today that it is acquiring Montreal-based industrial valve maker Velan (TSX: VLN) in an all-cash transaction valued at approximately $245 million, according to a news release.
The transaction includes the purchase of all Velan equity for approximately $209 million and the assumption of approximately $36.3 million in outstanding gross debt as of Nov. 30, 2022. Flowserve will also assume Velan’s $31.4 million of cash and cash equivalents.
The transaction is expected to close by the end of the second quarter of 2023.
“We are excited about the opportunity to add Velan and its talented team to the Flowserve family,” Scott Rowe, president and CEO of Flowserve, said in a prepared statement. “With its strong positioning in the nuclear, cryogenic, industrial and defense markets and highly complementary product portfolio, the addition of Velan furthers our diversification, decarbonization and digitization strategy.”
Flowserve Corp. was founded in 1997. The company produces and engineers industrial pumps and flow management services.
Read the full story at Dallas Business Journal.