Flowserve to Acquire Velan

DALLAS, and MONTREAL – Flowserve Corporation and Velan Inc. have announced that they have entered into a definitive agreement under which Flowserve will acquire Velan in an all cash transaction valued at approximately $245 million (C$329 million), including the purchase of all of the issued and outstanding Velan equity for approximately $209 million (C$281 million) and the assumption of approximately $36.3 million (C$48.9 million) in outstanding gross debt as of November 30, 2022.  Flowserve will also assume Velan’s $31.4 million (C$42.2 million) of cash and cash equivalents, also as of November 30, 2022.  The Transaction is expected to close by the end of the second quarter of 2023.