Pentair Announces Definitive Agreement To Acquire Manitowoc Ice

Pentair plc (NYSE: PNR), a leading provider of water treatment and sustainable solutions, today announced that it has entered into a definitive agreement to acquire Manitowoc Ice, a leading provider of commercial ice makers, for $1.6 billion, subject to customary adjustments. When adjusted for approximately $220 million of expected tax benefits, the net transaction value is approximately $1.38 billion. Pentair expects to fund the acquisition with new debt that is anticipated to be investment grade. Subject to customary closing conditions and necessary regulatory approvals, the transaction is expected to close in the second quarter of 2022.