SPX Technologies completes $410 million FIS Water acquisition

SPX Technologies ($SPXC) acquired FIS Water for approximately $410 million in cash, including the value of certain tax attributes. The business supplies cooling-water management, filtration and valve products for industrial and commercial applications, including data centers. It will become part of SPX’s HVAC Cooling operations.

FIS Water is expected to generate approximately $105 million in 2026 revenue and has around 120 employees. SPX sees opportunities to combine the acquired technology with its cooling portfolio and expand customer relationships. Those cross-selling benefits are management expectations rather than reported results from the combined business. The acquisition has closed, while an updated financial outlook is expected with SPX’s third-quarter results; the announcement should not be read as a quantified earnings-guidance increase on its own.

Sources:

• SPX Technologies — acquisition announcement