Elkay to Merge With Zurn for $1.56 Billion
February 14, 2022
Cleary Gottlieb is representing Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as financial advisors to Elkay Manufacturing Company (Elkay) in its proposed merger with Zurn Water Solutions Corporation (Zurn).
The deal was announced on February 14, 2022.
The deal is structured as an all-stock transaction, where Elkay’s shareholders will receive up to 52.5 million shares of Zurn. Upon completion of the merger, Zurn’s shareholders will own approximately 71%, and Elkay’s shareholders will own approximately 29%, of the combined company.
Family-owned since 1920, Elkay is a market leader in the commercial drinking water solutions business, delivering faucets, water coolers, drinking fountains, and the award-winning ezH2O bottle filling stations.
Zurn is a pure-play water business that designs, procures, manufactures, and markets solutions to improve health, human safety, and the environment in public and private spaces.