Pentair PLC, a global provider of water flow and energy solutions with its US corporate office in Minnesota and Brazilian main office in Sao Paulo, is exploring a sale of its valves-and-controls business. This move would largely unwind a merger deal it struck just four years ago. The business, one of four subdivisions of Pentair, makes valves, fittings and controls for machinery used by oil-and-gas, power and pharmaceutical companies.
Pentair is working with investment bank Citigroup Inc. on a potential sale of the business, which could fetch more than $2 billion, according to sources familiar with the matter.
Pentair, which is based in Manchester, U.K., acquired the valves-and-controls business as part of a $4.5 billion deal with Tyco International Ltd. in 2012. The deal enabled Pentair to move its headquarters abroad. While the deal added other businesses, what Pentair is now considering selling represented a large part of it.