Zurn Water Solutions to acquire Elkay Manufacturing in all-stock deal valued at $1.56B

Zurn Elkay Water Solutions Corp

Zurn to issue up to 52.5M shares for 100% of Elkay; Elkay holders to own ~29% of combined company.
Transaction valued at ~$1.56B based on Zurn's Feb. 11 close; implies 14.2x 2022E Adj. EBITDA (9.8x with synergies).
Expected $50M in run-rate cost synergies by 2025; ~$25M in year one via procurement and cross-marketing.
Combined company renamed Zurn Elkay Water Solutions Corporation; Todd Adams remains CEO; two Elkay directors added.
Zurn Board plans to increase quarterly dividend to $0.07/share after close; closing expected in Q3 2022.

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