CECO Environmental Agrees a $2.2 Billion Deal to Buy Thermon (2)

CECO Environmental Corp. has agreed to acquire Thermon Group Holdings Inc., as the filtration company looks to enter the thermal solutions market amid booming demand from data centers.

Texas-based CECO has struck a cash and stock transaction valued at about $2.2 billion, according to a statement Tuesday that confirmed an earlier Bloomberg News report.

The deal marks CECO’s largest-ever acquisition. Its shares, which had risen more than 200% in the past year, fell 23% on Tuesday for their biggest one-day loss since 2017. They closed at $60 in New York trading, giving the company a market value of ...