Ingersoll Rand Inc. (NYSE:IR) entered into an agreement to acquire Air Treatment business of SPX FLOW, Inc. for approximately $530 million on October 6, 2022. The purchase price of $525 million is funded with cash on hand. Upon transaction close, the SPX FLOW Air Treatment business will join Ingersoll Rand’s IT&S segment.

The transaction is subject to regulatory approvals and expected to close in the fourth quarter. As of November 4, 2022, the transaction is expected to close late in the fourth quarter of 2022 or early in the first quarter of 2023. Michael R. Isby, Timothy J. Mulvihill, Steven R. DeLott, Dennis J. Loiacono, Matthew T. Farrell, Eric Swedenburg, Andrew Purcell and Edward Grais ,Sara Razi, Preston Miller ,Tristan Brown, Harry Hudesman and Lori Lesser of Simpson Thacher & Bartlett LLP acted as legal advisor to Ingersoll Rand Inc. Credit Suisse acted as lead financial advisor to SPX FLOW in the transaction.

Citigroup acted as financial advisor to SPX FLOW.