AcquisitionsMay 21, 2026, 09:22 AM
Parker-Hannifin to Acquire CIRCOR Aerospace for $2.55B
AI Summary
Parker-Hannifin Corporation has entered into a definitive agreement to acquire the Commercial and Defense Aerospace business of CIRCOR International, Inc. for a cash purchase price of $2.55 billion on a cash-free, debt-free basis. This acquisition is expected to add complementary flight-critical motion and flow control capabilities, with CIRCOR Aerospace estimating $270 million in calendar year 2026 sales and over 40% adjusted EBITDA margins before synergies. The transaction is anticipated to be immediately accretive to sales growth, EBITDA margins, adjusted EPS, and cash flow, and is expected to close in the second half of 2026, subject to regulatory approvals.
Key Highlights
- Parker-Hannifin to acquire CIRCOR Aerospace for $2.55 billion cash-free, debt-free.
- The purchase price includes expected tax benefits with an estimated net present value of approximately $75 million.
- CIRCOR Aerospace estimates calendar year 2026 sales of approximately $270 million.
- CIRCOR Aerospace anticipates adjusted EBITDA margins of more than 40% before synergies for CY2026.
- The transaction represents 22.7x CIRCOR Aerospace's CY2026 estimated adjusted EBITDA.
- Including expected cost synergies of approximately 10% of CY2026 sales, the multiple is 18.2x.
- CIRCOR Aerospace's business is 80% OEM, balanced 50/50 across commercial and defense.
- The transaction is expected to close in the second half of calendar year 2026.
Price Impact
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