A. O. Smith to acquire Leonard Valve for $470M, ~12x 2026E EBITDA

SMITH A O CORP

All-cash purchase price of $470M (adjusted ~$412M after tax benefits); expected close in Q1 2026.
Adjusted multiple ~12x forecasted 2026 EBITDA; deal expected accretive to EPS in 2026.
Leonard Valve/Heat-Timer supplies mixing valves and boiler controls; ~30% digital/connected revenue; ~80% repair/replace demand.
Funding via cash on hand and committed debt; ~100 employees; double-digit revenue CAGR 2022-2025E.

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