US industrial products maker Crane Co. has agreed to buy Baker Hughes Co.’s sensor technology division for $1.15bn.
The acquisition of Precision Sensors &Instrumentation (PSI) will be paid in cash and its value takes into account an expected tax benefit of about $90m, Crane said in a statement.
The transaction is scheduled to close in late 2025 or early 2026.
PSI’s 2025 revenue is projected at $390 million and adjusted EBITDA at $60 million.
Crane shares are up 1.4 per cent in Monday trading, while Baker Hughes is up 0.4 per cent.