Pentair to acquire Manitowoc Ice from Welbilt for $1.6B; expects Q2 2022 close

PENTAIR plc

Purchase price $1.6B ($1.38B net of ~$220M tax benefits) in cash; funded via new debt with commitment from JPMorgan.
Manitowoc Ice 2021 revenue $308M, EBITDA margins ~30%, employs 800+; installed base ~1M units.
Expected adjusted EPS accretion of ~$0.25 in 2023 and ~$0.40 in 2025; accretive in 2022.
Pentair reiterates 2022 GAAP EPS guidance $3.54-$3.64 and adjusted $3.70-$3.80, excluding Manitowoc.
Transaction subject to regulatory approvals; expected close Q2 2022.

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