ITT Agrees to Buy Lone Star’s SPX Flow in $4.8 Billion Deal

ITT Inc. has agreed to acquire industrial equipment manufacturer SPX Flow Inc. from Lone Star Funds in a $4.775 billion cash and stock deal.

The deal will will consist of a combination of cash and $700 million in ITT common stock issued to Lone Star, according to a statement confirming an earlier report by Bloomberg News that the companies were nearing a deal.

Charlotte, North Carolina-based SPX Flow makes products including valves and pumps under brands such as APV and Johnson Pump, as well as food processing equipment such as its Gerstenberg Schröder-branded butter maker. Lone Star Funds agreed ...