Milwaukee-based Zurn Water Solutions plans to acquire Elkay Manufacturing, a maker of water bottle fillers and sinks used in commercial settings, in a stock deal valued at $1.56 billion.
The current shareholders of Elkay, a family-owned business based in Downers Grove, Illinois, will receive up to 52.5 million shares of Zurn stock, giving them around 29% ownership in the combined company.
Zurn will maintain its headquarters in Milwaukee after the deal closes and will maintain a presence in the Chicago-area where Elkay is based. Zurn’s name will change to Zurn Elkay Water Solutions and its board will expand to 11 members with the addition of two current Elkay directors. The Elkay business will continue to be run by Ted Hamilton, currently the company’s president.
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