Announcement • Oct 19

KKR North America Fund XIII SCSp, managed by Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR) acquired CIRCOR International, Inc. (NYSE:CIR) from a group of shareholders.

KKR North America Fund XIII SCSp, a fund managed by KKR & Co. Inc. (NYSE:KKR) entered into a definitive agreement to acquire CIRCOR International, Inc. (NYSE:CIR) from a group of shareholders for $1.2 billion on June 5, 2023. KKR North America Fund XIII SCSp, a fund managed by KKR & Co. Inc. (NYSE:KKR) entered into an amendment agreement to acquire CIRCOR International, Inc. (NYSE:CIR) for approximately $1.7 billion on June 26, 2023. Under the terms of the agreement, KKR will acquire all outstanding shares of CIRCOR common stock for $49 per share in cash. Once the transaction is complete, CIRCOR will be a privately held company wholly owned by KKR’s investment funds and will no longer have its common stock listed on any public market. Upon termination of the merger agreement under certain circumstances, CIRCOR will be required to pay a termination fee of $28 million or KKR will be required to pay a reverse termination fee of $67 million. Under the terms of the amendment, KKR agreed to acquire all of the outstanding shares of Company Common Stock for $51.00 per share in cash; agreed to a $125 million reverse termination fee payable to CIRCOR in certain circumstances where the transaction is terminated due to failure to obtain antitrust approvals; (iii) Parent has agreed to increase the existing customary reverse termination fee tied to closing obligations payable to CIRCOR from $67 million to $100 million; and (iv) the termination fee payable by CIRCOR to Parent in certain customary circumstances has been increased from $28 million to $42.75 million. In addition, affiliates of investment funds managed by KKR have agreed to provide a “full equity backstop” for the financing of the Merger. The Amendment was executed after the Company received an unsolicited proposal from a third party to acquire all of the issued and outstanding shares of Company Common Stock for $52.65 per share in cash. As on June 29, 2023, CIRCOR amended its definitive merger agreement with affiliates of investment funds managed by KKR to acquire the Company for $56.00 per share in cash, an increase of 9.8% over KKR’s bid of $51.00 per share on June 26, 2023. CIRCOR stockholders will, subject to certain conditions, receive additional cash consideration from KKR if the transaction has not closed by October 31, 2023. The maximum aggregate amount of the “ticking fee” would be $1 per share, with the actual amount accruing on a prorated daily basis between November 1, 2023 and December 31, 2023, subject to adjustment if the filing of the CIRCOR proxy statement, prepared in connection with the merger, is delayed. The Company’s Board of Directors (the “ Company Board ”) had determined in good faith, after consultation with its outside legal counsel and financial advisors, that the unsolicited proposal from the third party was reasonably likely to lead to or result in a Superior Proposal, as such term is defined in the Merger Agreement. The Company Board, in consultation with its outside legal counsel and financial advisors, accordingly, authorized discussions with the third party and facilitated the third party’s due diligence of the Company, in each case, subject to the provisions of the Merger Agreement. Following discussions with the third party regarding its proposal, and after taking into consideration the terms of the Amendment, the Company Board in good faith, after consultation with its outside legal counsel and financial advisors, determined that the proposal from the third party did not constitute a Superior Proposal as compared to the transactions contemplated by the Merger Agreement, as amended by the Amendment. Despite the difference in price, the Company Board concluded that the incremental price contemplated by the alternative proposal was more than offset by less deal certainty. Specifically, the alternative proposal did not offer a full equity backstop, and its debt financing contemplated syndication, which would introduce risk in the current financial markets. In addition, the Company Board assessed the third party’s proposal and concluded that it entailed a higher level of antitrust risk that would likely result in a longer period of time until closing and a higher risk of not closing, and the Amendment provides meaningfully more Company favorable antitrust risk allocation provisions than the terms set forth in the alternative proposal. In connection with the financing of the Merger, KKR North America Fund XIII has entered into an equity commitment letter in favor of Parent to provide an aggregate amount in immediately available funds of $1,860,000,000, to fund the aggregate Merger Consideration. The transaction is subject to the expiration or termination of any applicable waiting period (or extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and all other approvals under foreign antitrust laws and foreign investment laws, the receipt of approval from CIRCOR’s shareholders and certain required regulatory approvals, as well as the satisfaction of other customary closing conditions. The Board of Directors of CIRCOR has unanimously approved the transaction and recommends that stockholders vote in favor of the amended KKR transaction. The Board unanimously supports the Amended Agreement with KKR and recommends that stockholders vote in favor of the amended KKR transaction. CIRCOR established a committee of the Company Board to review the acquisition. The 30-day waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the merger expired on July 20, 2023. As of August 24, 2023, the CIRCOR shareholders approved the transaction. s of October 16, 2023, the transaction has received all regulatory approvals. The transaction is expected to close in the fourth quarter of 2023. As of October 16, 2023, The transaction is expected to close on October 18, 2023, subject to the satisfaction of customary closing conditions. Evercore Group L.L.C. and J.P. Morgan Securities LLC is financial and fairness opinion provider to CIRCOR. Tara Fisher of Ropes & Gray LLP is serving as legal advisor to CIRCOR. Citibank, N.A. acted as financial advisor and Jennifer S. Perkins, Edward J. Lee, Chelsea N. Darnell, Lukas D. Richards, Scott Price, John Kleinjan, Eric Wedel, Matthew Leist and Caroline Epstein of Kirkland & Ellis LLP acted as legal advisor to KKR. J.P. Morgan Securities LLC and Ropes & Gray LLP acted as due diligence providers to CIRCOR. CIRCOR has retained MacKenzie Partners, Inc. as information agent at a cost of approximately $75,000 plus expenses. American Stock Transfer & Trust Company, LLC acted as transfer agent to CIRCOR. Pursuant to the terms of Evercore’s engagement letter, CIRCOR has agreed to pay Evercore a fee for its services in the amount of approximately $23.3 million, of which $2.0 million came due upon delivery of Evercore’s opinion on June 4, 2023, $0.5 million came due upon delivery of Evercore's second opinion on June 29, 2023 and the balance of which will be payable contingent upon the consummation of the Merger. CIRCOR has agreed to pay J.P. Morgan a fee of $2.0 million for delivery of its opinion dated June 4, 2023 and a fee of $0.5 million for delivery of its opinion dated June 29, 2023. The Company has agreed to pay J.P. Morgan a transaction fee of approximately $23.0 million upon the closing of the Merger, against which the opinion fees will be credited. KKR North America Fund XIII SCSp, managed by Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR) acquired CIRCOR International, Inc. (NYSE:CIR) from a group of shareholders on October 18, 2023. KKR North America Fund XIII SCSp, managed by Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR) acquired CIRCOR International for $56 per share in cash. As a result of the completion of the transaction, CIRCOR common stock has ceased trading and will no longer be listed on the New York Stock Exchange. KKR funded the merger with debt and equity financing.

Snowflake Score
Valuation	0/6
Future Growth	0/6
Past Performance	2/6
Financial Health	6/6
Dividends	0/6

Historical stock prices
Current Share Price	US$12.75
52 Week High	US$16.77
52 Week Low	US$12.25
Beta	0.15
1 Month Change	-13.56%
3 Month Change	n/a
1 Year Change	-10.21%
3 Year Change	-31.08%
5 Year Change	-57.78%
Change since IPO	363.64%

	TETA.A	US Capital Markets	US Market
7D	-8.9%	-1.7%	-2.8%
1Y	-10.2%	7.4%	22.8%

TETA.A volatility
TETA.A Average Weekly Movement	n/a
Capital Markets Industry Average Movement	3.6%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.6%
10% least volatile stocks in US Market	3.1%

TETA.A fundamental statistics
Market cap	US$20.43m
Earnings (TTM)	US$175.08k
Revenue (TTM)	US$2.50m

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KKR North America Fund XIII SCSp, managed by Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR) acquired CIRCOR International, Inc. (NYSE:CIR) from a group of shareholders.

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KKR North America Fund XIII SCSp, managed by Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR) acquired CIRCOR International, Inc. (NYSE:CIR) from a group of shareholders.

KKR North America Fund XIII SCSp, a fund managed by KKR & Co. Inc. (NYSE:KKR), entered into a definitive agreement to acquire CIRCOR International, Inc. (NYSE:CIR) for approximately $1 billion.

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TETA.A income statement (TTM)
Revenue	US$2.50m
Cost of Revenue	US$2.01m
Gross Profit	US$488.75k
Other Expenses	US$313.67k
Earnings	US$175.08k

Earnings per share (EPS)	0.11
Gross Margin	19.56%
Net Profit Margin	7.01%
Debt/Equity Ratio	0%

Data	Last Updated (UTC time)
Company Analysis	2026/06/07 09:11
End of Day Share Price	2026/06/02 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K