Spirax-Sarco Engineering plc (LSE:SPX) entered into a definitive agreement to acquire Durex Industries, Inc. for $342.2 million on September 28, 2022. The consideration is $342.2 million on a cash and debt free basis, subject to customary closing adjustments. The transaction will be financed through acquisition bank facilities and will be accretive to Group earnings in 2023.

For the 12 months to August 31, 2022, revenues were $74.5 million, EBITDA was $25.3 million and EBIT was $23.5 million. The transaction is subject to regulatory approval, completion is expected in October 2022. The transaction is expected to close on November 30.

William Blair & Company, L.L.C. acted as financial advisor to Durex Industries, Inc.