A. O. Smith closes $470M acquisition of Leonard Valve; funds via new term loan

SMITH A O CORP

Acquired LVC Holdco LLC (Leonard Valve) for $470M all-cash; valued at ~$412M after estimated tax benefits.
Funded by $470M unsecured term loan under credit agreement maturing Jan 5, 2029, drawn in full on Jan 5, 2026.
Term loan bears variable rate at Term SOFR + 0.875%-1.375% or Base Rate + 0%-0.375%, based on leverage ratio.
Deal expands A. O. Smith's water management market, digital expertise, and commercial/institutional product offering.
Leonard Valve (founded 1911) provides thermostatic mixing valves, boiler controls for hospitals, schools, industrial facilities.

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