Tyco International Ltd. (TYC) shareholders have approved the spinoffs of its flow-control business and ADT North America home security operations.
The flow-control products and services business, which sells industrial valves, expects to formally merge with Pentair Inc. (PNR) on Sept. 28 to shareholders of record today and be renamed Pentair Ltd., Tyco said. It also said quarterly guidance for the flow control business remain unchanged.
The deal for the merger was announced March 28. Tyco shares have risen 19 percent this year while Pentair’s have surged 27 percent. On Sept. 14, Pentair shareholders approved the merger of the water filtration company and Tyco’s flow control operations. Completion of the deal values the flow unit at about $4.9 billion including debt.
The new company in which Schaffhausen, Switzerland-based Tyco’s shareholders hold 52.5 percent of Minneapolis-based Pentair will be the world’s largest flow, filtration and equipment-protection company, said Pentair Chief Executive Officer Randall Hogan, who will lead the combined business.
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