Pentair to merge with Tyco valve unit

Pentair Inc. (NYSE: PNR) and Tyco International Ltd. (NYSE: TYC) signed a definitive agreement to combine Tyco's Flow Control business with Pentair in a tax-free, all-stock merger. Tyco Flow has been valued at approximately $4.9 billion.

Tyco shareholders will own approximately 52.5 percent of the combined company and Pentair shareholders will own approximately 47.5 percent.

The new company will be named Pentair and will be led by Randall J. Hogan, Pentair’s current chairman and chief executive officer. The deal will merge companies involved in water and fluid solutions, valves and controls, and equipment protection products.

The deal is expected to be completed in September 2012.

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