Following the closing of the transaction, Pentair's business will consist of three segments, Water Quality Systems, Flow & Filtration Solutions, and Technical Solutions, aligned with global trends to deliver solutions around water quality and availability, equipment and building protection, industrial and process efficiency, and food and beverage processing.

"We remain narrowly diversified, which allows us to prioritize investments and affords us opportunities to grow organically and use our strengthened balance sheet as opportunities arise," said Hogan.

Citi and Goldman, Sachs & Co. are serving as financial advisors to Pentair and Foley & Lardner LLP is providing legal counsel.

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