Pentair Inc. shareholders approved the merger of the water filtration company and the flow control business of Tyco International Ltd. 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.