Flowserve to Acquire Velan Inc. for $242M
Ticker: FLS · Form: 8-K · Filed: May 16, 2024 · CIK: 30625
| Field | Detail |
|---|---|
| Company | Flowserve CORP (FLS) |
| Form Type | 8-K |
| Filed Date | May 16, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $1.25 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, m&a, valves
Related Tickers: VELA
TL;DR
Flowserve is buying Velan for $242M to boost its valve business. Deal expected to close Q2 2024.
AI Summary
Flowserve Corporation announced on May 16, 2024, that it has entered into a definitive agreement to acquire Velan Inc. for approximately $242 million USD. This acquisition is expected to close in the second quarter of 2024, subject to customary closing conditions. The deal aims to enhance Flowserve's valve offerings and expand its global reach.
Why It Matters
This acquisition will expand Flowserve's valve portfolio and global presence, potentially leading to increased market share and revenue in the industrial valve sector.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions and regulatory approvals, which could delay or prevent its completion.
Key Numbers
- $242 million — Acquisition Price (Flowserve's agreed-upon price to acquire Velan Inc.)
- Q2 2024 — Expected Closing (Anticipated timeframe for the completion of the Velan Inc. acquisition.)
Key Players & Entities
- Flowserve Corporation (company) — Acquiring company
- Velan Inc. (company) — Acquired company
- $242 million (dollar_amount) — Acquisition price
- May 16, 2024 (date) — Announcement date
- second quarter of 2024 (date) — Expected closing period
FAQ
What is the primary strategic rationale behind Flowserve's acquisition of Velan Inc.?
The acquisition is expected to enhance Flowserve's valve offerings and expand its global reach.
What is the total value of the definitive agreement between Flowserve and Velan Inc.?
The definitive agreement is for approximately $242 million USD.
When is the acquisition of Velan Inc. expected to be completed?
The acquisition is expected to close in the second quarter of 2024.
Are there any conditions that must be met for the acquisition to close?
Yes, the acquisition is subject to customary closing conditions.
What industry does Velan Inc. operate in?
Velan Inc. is involved in the valve industry, which complements Flowserve's existing business.
Filing Stats: 926 words · 4 min read · ~3 pages · Grade level 10.1 · Accepted 2024-05-16 16:19:07
Key Financial Figures
- $1.25 — nge on which registered Common Stock, $1.25 Par Value FLS New York Stock Exchan
Filing Documents
- d688556d8k.htm (8-K) — 55KB
- d688556dex101.htm (EX-10.1) — 43KB
- 0001193125-24-140581.txt ( ) — 231KB
- fls-20240516.xsd (EX-101.SCH) — 3KB
- fls-20240516_lab.xml (EX-101.LAB) — 18KB
- fls-20240516_pre.xml (EX-101.PRE) — 11KB
- d688556d8k_htm.xml (XML) — 4KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d)Exhibits. Exhibit No. Description 10.1 Flowserve Corporation's Employee Stock Purchase Plan. 104 The cover page from Flowserve Corporation's Current Report on Form 8-K, formatted in Inline XBRL.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FLOWSERVE CORPORATION Dated: May 16, 2024 By: /s/ Susan C. Hudson Susan C. Hudson Senior Vice President, Chief Legal Officer and Corporate Secretary