Parker-Hannifin Corporation (NYSE:PH) signed a definitive agreement to acquire Commercial and Defense Aerospace Business of CIRCOR International, Inc. for $2.6 billion.
Published on 05/21/2026
at 05:05 pm BST - Modified on 05/20/2026
Parker-Hannifin Corporation (NYSE:PH) signed a definitive agreement to acquire Commercial and Defense Aerospace Business of CIRCOR International, Inc. for $2.6 billion on May 21, 2026. CIRCOR?s Commercial and Defense Aerospace Business is being acquired on a cash-free, debt-free basis for a cash purchase price of $2.55 billion, which includes expected tax benefits with an estimated net present value of approximately $75 million.
The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals, and is expected to close in the second half of calendar year 2026. The transaction is expected to be immediately accretive to sales growth, EBITDA margins, adjusted EPS and cash flow.
Goldman Sachs & Co. LLC and Evercore Inc. acted as financial advisors for KKR and CIRCOR. Jennifer S. Perkins, Andrew Arons, Steven M. Choi, Julianna Debler Nester, Adam Shapiro, Taylor Andrews, Michael Beinus, Vivek Ratnam, Shellie Weisfield Freedman, Joanna Schlingbaum, Stephen A. Mohr, Ian G. John, Scott D. Price, and David G. Branham of Kirkland & Ellis LLP acted as legal advisor for KKR and CIRCOR. Guggenheim Securities, LLC acted as financial advisor for Parker-Hannifin Corporation. Patrick Leddy and Jared Hasson of Jones Day acted as legal advisor for Parker-Hannifin Corporation.
Parker-Hannifin Corporation specializes in designing, manufacturing, and selling monitoring and control systems. Net sales break down by family of products as follows:
- industrial systems (68.8%): industrial pipes, pipe connectors and adapters, oil filters, air filters, motors, hydraulic pumps and valves, pneumatic accessories, diagnostic equipment, climate control and monitoring systems (carbonic gas control systems, electronic controllers, pressure regulators, electromagnetic valves, thermostatic pressure relief valves), etc. North America accounts for 59.5% of net sales;
- aerospace systems and components (31.2%): flight control systems, fluid flow automation and monitoring systems, hydraulic components, brakes, etc. intended for military and commercial aircraft.
Net sales are distributed geographically as follows: North America (67.5%), Europe (19.5%), Asia/Pacific (11.9%) and Latin America (1.1%).
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Parker-Hannifin Corporation (NYSE: PH) signed a definitive agreement to acquire Commercial and Defense Aerospace Business of CIRCOR International, Inc. for $2.6 billion.
