S&P Lowers Outlook on Pentair Ltd. (PNR) to Negative Following Planned ERICO Acquisition
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Cowen Maintains Market Perform on Pentair Ltd. (PNR) Following Announced ERICO Acquisition
August 17, 2015 1:55 PM EDTCowen reiterated a Market Perform rating and $65.00 price target on Pentair (NYSE: PNR) following announced $1.8 billion acquisition of ERICO. Analyst Joseph Giordano views this as a true bolt-on that will not likely require a disproportionate amount of mgmt bandwidth. ERICO will add a new... More
Moody's Places Pentair's (PNR) Ratings on Watch for Downgrade
August 17, 2015 11:50 AM EDTMoody's Investors Service, Inc. (Moody's) placed all ratings of Pentair Finance SA (Pentair) under review for downgrade, including the Baa2 long-term and P-2 short-term ratings. This review follows the company's announcement to acquire privately-held ERICO International Corporation (ERICO) in an all-debt transaction valued at approximately $1.8 billion.
The transaction is expected to close by year-end, subject to customary regulatory and shareholder approvals. Moody's anticipates that a downgrade, if any, would likely be limited to one-notch, to Baa3 and Prime-3, based on the expectation that the majority of Pentair's substantial free cash flow will be applied to debt reduction.
RATINGS... More
Pentair Ltd. (PNR) to Acquire ERICO Global in $1.8B Cash Deal
August 17, 2015 7:08 AM EDT(Updated - August 17, 2015 7:10 AM EDT)
Pentair Ltd. (NYSE: PNR) announced that it has entered into an agreement with ERICO Global Company whereby Pentair will acquire ERICO for $1.8 billion in cash, including the repayment of ERICO debt. The transaction values ERICO at approximately twelve times 2015 forecasted EBITDA.
The transaction, which is anticipated to be completed in 2015 and subject to customary closing conditions and necessary regulatory approvals, is expected to add greater than $0.40 to 2016 adjusted earnings per share. Pentair plans to fund the transaction with a combination of cash and investment grade... More
Peltz's Trian Fund Confirms Sysco (SYY), Pentiar (PNR) Stakes - 13F
August 14, 2015 4:54 PM EDTNelson Peltz's Trian Fund released its 13F for the quarter ended June 30, 2105. Below is a summary comparing the quarter to the previous quarter.
New Stakes
Pentair Ltd. (NYSE: PNR) new 6,788,791 share position *
Sysco Corp. (NYSE: SYY) new... More
