CIRCOR’s $542 MillionAcquisition of Colfax Fluid Handling Business


Citi and BDT & Company, LLC are acting as financial advisors, and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor, to Colfax.

Colfax Corporation (“Colfax”) (NYSE: CFX), a leading diversified industrial technology company, today announced that it has signed a definitive agreement to sell its Fluid Handling business to CIRCOR International, Inc. (“CIRCOR”) for an estimated aggregate consideration of $860 million including cash consideration of $542 million, approximately 3.3 million newly-issued shares of CIRCOR common stock, and assumption of a net pension liability with an approximate value of $150 million as of December 31, 2016. The estimated aggregate consideration is based on the CIRCOR share price as of the close of trading on September 22, 2017, which may vary based on the trading price for CIRCOR shares on the closing date. The Fluid Handling business had approximately $463 million of sales and $64 million of adjusted EBITDA in the twelve months ended June 30, 2017.

The Skadden team includes: M&A partner Ann Beth Stebbins (Picture) and associate Lance Phillips (Chicago); Tax partner Victor Hollender and associate Joseph Soltis; Executive Compensation and Benefits partner Erica Schohn; Environmental counsel Elizabeth Malone(Washington, D.C.); Corporate Finance partner Michael Zeidel and associate Wentian Huang; and Banking partner Stephanie Teicher and associate Orley Granot.

Involved fees earner: Ann Beth Stebbins – Skadden Arps Slate Meager & Flom; Lance Phillips – Skadden Arps Slate Meager & Flom; Michael Zeidel – Skadden Arps Slate Meager & Flom; Victor Hollender – Skadden Arps Slate Meager & Flom; Joseph Soltis – Skadden Arps Slate Meager & Flom; Erica Schohn – Skadden Arps Slate Meager & Flom; Elizabeth Malone – Skadden Arps Slate Meager & Flom; Stephanie Teicher – Skadden Arps Slate Meager & Flom; Wentian Huang – Skadden Arps Slate Meager & Flom;

Law Firms: Skadden Arps Slate Meager & Flom;

Clients: Colfax Corporation;

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Author: Ambrogio Visconti