ITT Inc. announced Friday that it will acquire SPX Flow Inc. from Lone Star Funds in a sweeping $4.775 billion cash-and-stock transaction, a move that rewires the competitive landscape of global industrial equipment manufacturing.

A High-Stakes Move to Expand Fluid-Handling Power

ITT, known for its industrial pumps, precision valves and engineered systems that control fluids from factory floors to energy plants, said the deal will fold SPX Flow’s extensive lineup into its operations.

SPX brings a portfolio of mixers, specialized pumps and process-equipment technologies that serve markets stretching from food and nutrition to chemical and health industries — giving ITT a more comprehensive, end-to-end suite of solutions for complex fluid-handling and processing demands.

Closing Targeted for Early 2026

The acquisition is expected to close by the end of the first quarter of 2026, at which point SPX will be absorbed into ITT’s Industrial Process segment — a global leader in engineered pumps and valve technologies.

CEO: A Strategic and Cultural Fit

“This acquisition builds on our core strength in highly engineered components, brings adjacent technologies to the core, expands our total addressable market, it is well run and to top it off is an outstanding cultural fit,” ITT President and CEO Luca Savi said.

Lone Star’s Multi-Year Restructuring Culminates in Major Exit

Lone Star confirmed the deal in a separate statement, noting SPX Flow’s extensive scale: operations in over 25 countries and sales reaching more than 140 countries.

The private equity firm acquired SPX Flow in a $3.8 billion take-private transaction in April 2022, after striking the agreement in late 2021. Since then, Lone Star oversaw a series of portfolio adjustments, including selling SPX’s air treatment business to Ingersoll Rand for $525 million.

“The sale of SPX FLOW marks the culmination of several years of hard work to streamline its portfolio and enhance the business,” Lone Star CEO Donald Quintin said. “Together, ITT and SPX FLOW will have a unique opportunity to accelerate value creation across both organizations.”

Regulatory Hurdles Ahead

The multibillion-dollar transaction remains subject to customary closing conditions and regulatory approvals — a final gauntlet that large industrial mergers must navigate.

Legal Teams Behind the Deal

Paul Hastings LLP is advising ITT. The legal team includes partners Jon Kubek, Colin Diamond, Tracey Chenoweth, Josh Soven, Sally Evans, Jason Ertel, Sherry Xie, Sarah Gagan, and counsel Shai Marshall.

Counsel for Lone Star was not disclosed, and the company did not immediately respond to requests for comment.