Flowserve to Acquire Velan Inc. for $242M

Ticker: FLS · Form: 8-K · Filed: 2024-07-29T00:00:00.000Z

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

Key Players & Entities

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.

From the Filing

0001193125-24-187742.txt : 20240729 0001193125-24-187742.hdr.sgml : 20240729 20240729171602 ACCESSION NUMBER: 0001193125-24-187742 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240729 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240729 DATE AS OF CHANGE: 20240729 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLOWSERVE CORP CENTRAL INDEX KEY: 0000030625 STANDARD INDUSTRIAL CLASSIFICATION: PUMPS & PUMPING EQUIPMENT [3561] ORGANIZATION NAME: 06 Technology IRS NUMBER: 310267900 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13179 FILM NUMBER: 241153402 BUSINESS ADDRESS: STREET 1: 5215 N. O'CONNOR BLVD. STREET 2: SUITE 700 CITY: IRVING STATE: TX ZIP: 75039 BUSINESS PHONE: 9724436500 MAIL ADDRESS: STREET 1: 5215 N. O'CONNOR BLVD. STREET 2: SUITE 700 CITY: IRVING STATE: TX ZIP: 75039 FORMER COMPANY: FORMER CONFORMED NAME: DURCO INTERNATIONAL INC DATE OF NAME CHANGE: 19970508 FORMER COMPANY: FORMER CONFORMED NAME: DURIRON CO INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: THE DURIRON CO INC DATE OF NAME CHANGE: 19900509 8-K 1 d851532d8k.htm 8-K 8-K FLOWSERVE CORP false 0000030625 0000030625 2024-07-29 2024-07-29     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 29, 2024     FLOWSERVE CORPORATION (Exact Name of Registrant as Specified in its Charter)       New York   1-13179   31-0267900 (State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)   5215 N. O’Connor Blvd., Suite 700 , Irving , Texas   75039 (Address of Principal Executive Offices)   (Zip Code) (972) 443-6500 (Registrant’s telephone number, including area code) N/A (Former Name or Former Address, if Changed Since Last Report)     Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, $1.25 Par Value   FLS   New York Stock Exchange Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company  ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 2.02 Results of Operations and Financial Condition. On July 29, 2024, Flowserve Corporation, a New York corporation (the “Company”), issued a press release announcing financial results for the second quarter ended June 30, 2024. A copy of this press release is attached as Exhibit

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