ITT Prices Underwritten Public Offering Of 7 Mln Shares

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(RTTNews) - ITT Inc.(ITT), a specialty components maker for the aerospace, transportation, energy, and industrial markets, said on Tuesday that it has priced its underwritten public offering of 7 million shares at $167 per share. ITT estimates that the net proceeds from the offering will be around $1.14 billion.

The company intends to use the net proceeds from the offering to fund a portion of the previously announced acquisition of the business of SPX FLOW, Inc. If the acquisition is not completed, then the net proceeds will be used for general corporate purposes.

In connection with the offering, the company also granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares at $167 per share. The offering is expected to close on December 10.