Flowserve to Acquire Velan Inc. for $242M
Ticker: FLS · Form: 8-K · Filed: Jul 29, 2024 · CIK: 30625
| Field | Detail |
|---|---|
| Company | Flowserve CORP (FLS) |
| Form Type | 8-K |
| Filed Date | Jul 29, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1.25 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, m&a, valves
Related Tickers: VLN
TL;DR
Flowserve buying Velan for $242M to boost valve biz. Closing Q4.
AI Summary
Flowserve Corporation announced on July 29, 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 fourth 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 significantly expand Flowserve's valve portfolio and market presence, potentially leading to increased revenue and market share in the industrial valve sector.
Risk Assessment
Risk Level: medium — The acquisition is subject to closing conditions and regulatory approvals, and integration risks are inherent in any M&A activity.
Key Numbers
- $242 million — Acquisition Price (Flowserve's purchase price for Velan Inc.)
Key Players & Entities
- Flowserve Corporation (company) — Acquiring company
- Velan Inc. (company) — Acquired company
- $242 million (dollar_amount) — Acquisition price
- July 29, 2024 (date) — Announcement date
- fourth 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.
When is the acquisition of Velan Inc. expected to be completed?
The acquisition is expected to close in the fourth quarter of 2024.
What is the total value of the definitive agreement to acquire Velan Inc.?
The definitive agreement is for approximately $242 million USD.
What are the conditions for the closing of the Velan Inc. acquisition?
The closing is subject to customary closing conditions.
What industry does Velan Inc. operate in?
Velan Inc. is involved in the valve industry, as indicated by Flowserve's intent to enhance its valve offerings.
Filing Stats: 615 words · 2 min read · ~2 pages · Grade level 9.9 · Accepted 2024-07-29 17:16:02
Key Financial Figures
- $1.25 — nge on which registered Common Stock, $1.25 Par Value FLS New York Stock Exchan
Filing Documents
- d851532d8k.htm (8-K) — 27KB
- d851532dex991.htm (EX-99.1) — 361KB
- g851532dsp001.jpg (GRAPHIC) — 10KB
- 0001193125-24-187742.txt ( ) — 555KB
- fls-20240729.xsd (EX-101.SCH) — 3KB
- fls-20240729_lab.xml (EX-101.LAB) — 18KB
- fls-20240729_pre.xml (EX-101.PRE) — 11KB
- d851532d8k_htm.xml (XML) — 4KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d)Exhibits. Exhibit No. Description 99.1 Press Release, dated July 29, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document).
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: July 29, 2024 By: /s/ Amy B. Schwetz Amy B. Schwetz Senior Vice President, Chief Financial Officer