Connecticut-based ITT Inc is in advanced talks to buy Lone Star’s SPX Flow in a transaction valuing the industrial equipment manufacturer at more than $4.5 billion, Bloomberg News reported on Thursday, citing people familiar with the matter.
A deal for the North Carolina-based company could come within days, the report said, adding that an agreement has not been reached yet and talks could still collapse.
ITT and SPX Flow did not immediately respond to Reuters’ requests for a comment.
In 2021, U.S. private equity firm Lone Star agreed to take SPX Flow private in a $3.8 billion deal, including debt.
SPX, whose roots date back more than a century, makes components for machinery used in industries such as food and beverages and operates in 25 countries, while conducting business in more than 140 countries.
An acquisition of SPX Flow would be the largest ever by machinery and equipment manufacturer ITT, the report said, citing Bloomberg data.
ITT has a market value of $14.3 billion, according to LSEG data.
Source: Reuters.com