ITT Prices $1.14 Billion Stock Offering To Fund SPX FLOW Deal

Today we’re looking at ITT Inc.’s big capital move. The industrial tech and engineering group ITT has just priced an underwritten public offering of 7,000,000 new shares at $167 per share, with an additional 1,050,000-share greenshoe option for underwriters. The company expects around $1.14 billion in net proceeds, mainly to help fund its previously announced acquisition of the SPX FLOW business.

WINNERS

Industrial flow and process equipment

Reason: The deal underlines strong demand in pumps, valves and fluid handling. A bigger ITT plus SPX FLOW can lift sentiment for the whole flow and process equipment space.

Names: ITT Inc - $ITT, Emerson Electric - $EMR

Automation and motion control suppliers

Reason: Larger, mor ...