The European Commission said Wednesday that it has approved Pentair Inc.'s merger with Tyco International's water pipe and valve business.
The deal, which is expected to be an all-stock transaction, is still subject to approval by Tyco shareholders.
If approved as expected, Golden Valley-based Pentair will jump from a $3.5 billion company with 15,000 workers to a $7.7 billion business with 30,000 employees worldwide.
The deal is viewed by many analysts as strategically smart because the two global giants don't overlap much and can offer each other significant cross-selling opportunities. Pentair makes water filtration, storage, pumping and treatment systems. Tyco focuses mainly on pipes and valves.
DEE DEPass
