Ingersoll-Rand Plc (NYSE:IR) made a binding offer to acquire precision flow systems management business of Accudyne Industries LLC for $1.5 billion on February 6, 2019. The consideration is subject to working capital and certain other adjustments. As a part of the transaction, Ingersoll-Rand will acquire Accudyne's precision flow management business including the Milton Roy, LMI, Dosatron, Haskel and other brands. Ingersoll-Rand plans to fund the transaction through a combination of cash on hand and debt. Ingersoll will finance the transaction with the net proceeds of $1.5 billion of senior notes offering, which consists of $400 million aggregate principal amount of 3.50% senior notes due 2026, $750 million aggregate principal amount of 3.80% senior notes due 2029 and $350 million aggregate principal amount of 4.50% senior notes due 2049. Post transaction, precision flow systems would combine with Ingersoll Rand’s fluid management business. Precision Flow Systems generated sales of approximately $400 million in 2018. The transaction is subject to customary closing conditions including regulatory approvals and is expected to close mid-year 2019. As of March 8, 2019, FTC granted the early termination notice. On March 21, 2019, Ingersoll-Rand issued $1.5 billion principal amount of senior notes primarily to fund the acquisition of PFS. The transaction is accretive to Ingersoll Rand’s margins and earnings while maintaining strong balance sheet for continued optionality and is expected to be EPS accretive in year one with adjusted EBITDA margins in the high twenties percent range. As on May 15, 2019, the transaction is expected to complete on May 15, 2019. Goldman Sachs & Co. LLC acted as the financial advisor and Peter Martelli, Carlo Zenkner, Kristin Rulison, Matthew Lovell, Jeffrey Seroogy, Benjamin Schreiner, Tara Rhoades, Jennifer Pepin and Frances Tompson of Kirkland & Ellis LLP acted as the legal advisors to Ingersoll-Rand whereas Morgan Stanley & Co. LLC acted as the financial advisor and Paul Sheridan, Shaun Hartley, David Raab, David Della Rocca, James Barrett and Steve Betensky of Latham & Watkins LLP acted as the legal advisors to Accudyne Industries. Ganesh Prasad, Rishabh Bharadwaj, Kamna Kumar and Sanjay Krishna of Khaitan & Co. acted as the legal advisors for Ingersoll-Rand. Ingersoll-Rand Plc (NYSE:IR) completed the acquisition of precision flow systems management business of Accudyne Industries LLC on May 15, 2019.