BUZZ-ITT slides after launching stock offering to fund SPX Flow deal

Reuters12-09
BUZZ-ITT slides after launching stock offering to fund SPX Flow deal

** Industrial parts supplier ITT's ITT.N shares slide ~6% to $170.55

** ITT kicks off public offering of 7 million shares to fund a portion of its $4.8 billion acquisition of pump-maker SPX Flow from private equity firm Lone Star Funds

** If acquisition falls through, proceeds will be used for general purposes

** Goldman Sachs and UBS Investment Bank are lead book-running managers for offering

** ITT will have ~85 million outstanding shares after the offering, according to prospectus

** 10 of 14 brokerages rate the stock "buy" or higher and four "hold"; median PT $215 — data compiled by LSEG

** As of last close, ITT stock up 26.7% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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