Flowserve said its acquisition of MOGAS Industries helps strengthen Flowserve’s presence in mission-critical severe service valves and associated aftermarket services. (Source: Shutterstock)
Infrastructure service company Flowserve Corp. has completed its acquisition of MOGAS Industries for $305 million.
The deal is one of several in the services sector following consolidation among E&Ps. Most recently, Nabors Industries Ltd. entered a definitive agreement to acquire Parker Wellbore for about $370 million.
The purchase price of the deal, announced in August, includes a potential earnout of $15 million tied to minimum levels of EBITDA for the calendar year ending Dec. 31, 2024. Flowserve paid a base price of $290 million for MOGAS.
Flowserve said the transaction helps strengthen Flowserve’s presence in mission-critical severe service valves and associated aftermarket services.
“We welcome the MOGAS team to Flowserve and look forward to leveraging our industry-leading scale to expand the MOGAS severe service portfolio and aftermarket services to customers around the world,” said Scott Rowe, Flowserve president and CEO. “This acquisition accelerates growth under our 3D strategy and enhances our valve aftermarket business with MOGAS’ large installed base.”
Flowserve intends to integrate MOGAS into its Flow Control Division segment.
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