Pentair Shareholders OK Tyco Flow Control Unit Merger

Pentair Inc. (PNR) shareholders approved the merger of the water filtration company and the flow control business of Tyco International Ltd. (TYC) today at a special meeting.

Completion of the merger announced in March that valued the flow unit at about $4.9 billion including debt and minority interest remains subject to the approval of the spinoff by Tyco shareholders and customary closing conditions, Pentair said in a statement from Minneapolis.

The merger will create one of the few companies that offer valves, pumps and filtration to tap sales in developing nations where a middle class of 4 billion help drive demand, Pentair Chief Executive Officer Randall Hogan, who will lead the combined company, said on a March call with investors.

The new company will be the world’s largest flow, filtration and equipment-protection company, Hogan said then. It will retain Tyco’s incorporation in Switzerland to help with tax savings and its main offices will be at Pentair’s headquarters in Minneapolis.

To contact the reporter on this story: Randall Hackley in Zurich at rhackley@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net