KKR shares soar 50.2% to 4-year high on $1.6 billion deal

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KKR shares soar 50.2% to 4-year high on $1.6 billion deal

Shares of Circor International Inc. CIR rose 50.2% Monday morning to a four-year high in premarket trading after the flow control products company announced a deal to be acquired by KKR Co. Inc. KKR in a cash deal valued at $1.6 billion, including debt. KKR's stock was still inactive ahead of the open. Under terms of the deal, shareholders will receive $49 for each Circor share they own, which represents a 54.7% premium to Friday's closing price of $31.67, and represents a market capitalization for Circor of $99.1 million. The transaction, which is due to close in the fourth quarter of 2023, will follow a strategic review Circor in March 2022. We believe that this transaction and the immediate cash value it will provide to Circor's stockholders best achieves the Board's goal of unlocking the significant incremental value within Circor for its stockholders, Ludwig said in a statement. The stock has soared 32.2% year-on-year, while KKR shares have run up 15.5%, and the S&P 500 SPX has advanced 11.5%.