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May 26 (Reuters) - Britain's Spirax-Sarco Engineering Plc said it had agreed to buy Pittsburgh-based thermal technology company Chromalox Inc from private equity firm Irving Place Capital for $415 million on a cash-free, debt-free basis.
Spirax-Sarco, which makes steam traps and pumps for industries such as food and beverage, healthcare, chemical and power generation, said the purchase consideration would be financed from new debt facilities supplied by its existing banks.
Chromalox will bring thermal energy management solutions to Spirax's customers, the British firm said, adding it would expand Spirax's total addressable market by 2.1 billion pounds to 7.9 billion pounds.
"We will invest in Chromalox to strengthen its direct sales channels globally; leverage our worldwide footprint to grow Chromalox's presence outside of its core markets in the USA," Spirax-Sarco said in a statement on Friday.
Completion of the deal is subject to a nod from the U.S. merger control authority, Spirax said, adding that the conditions are expected to be satisfied during its current quarter. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)