On February 10, 2023, it was announced that Flowserve Corporation, a global leader in flow control products and services, will acquire Velan Inc., a top industrial valves manufacturer, in an all-cash transaction valued at approximately $245 million (C$329 million). This sum includes purchasing all Velan equity for about $209 million and assuming around $36.3 million in outstanding gross debt. Additionally, Flowserve will take on Velan's $31.4 million in cash and equivalents. The deal is anticipated to conclude by the end of Q2 2023. Velan, established in 1950 in Montreal, boasts a workforce of 1,650 and manufacturing facilities in nine countries. As of November 2022, Velan recorded revenues of roughly $380 million with an EBITDA of about $21 million. Once the transaction is complete, Velan will integrate into Flowserve’s Flow Control Division. The acquisition complements Flowserve's existing portfolio, promising significant synergies by adding Velan's premier brands, expertise, and diverse market presence. Expected benefits include enhancing Flowserve's aftermarket potential and realizing roughly $20 million in run-rate cost synergies within two years post-acquisition. Scott Rowe, Flowserve's CEO, highlighted the strategic value of adding Velan, emphasizing its strengths in the nuclear, cryogenic, industrial, and defense sectors. James Mannebach, Velan's Chairman, views the merger positively, seeing a promising future for Velan within Flowserve's global operations. A majority of Velan shareholders support the transaction, and Flowserve plans to retain a significant presence in Québec post-acquisition. The proposed buyout price represents a 119% premium to Velan's 30-day average share price.