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Tyco's flow unit merges with Pentair

March 29, 2012

Tyco International (market close: +4.3%) agreed to merge its flow control unit, valued at $4.53 bn, with US diversified manufacturing firm Pentair (+15.1%) in an all-stock deal.

When the transaction closes (completion is targeted for late September), Tyco shareholders will control over 52.5% of the combined company, with Pentair stockholders owning the remainder. The announcement comes six months after Swiss-based Tyco confirmed plans to break itself into three publicly traded companies devoted to home security, pipes and valves, and fire protection. The merger unites two of the biggest players in water and fluid products systems, creating a business with $7.7 bn in combined sales and potential annual savings worth $250 m.