Colfax Corp., a manufacturer of pumps and specialty valves, will acquire Irving Place Capital’s Victor Technologies Holdings Inc. for $947.3 million, including debt, to expand in welding and cutting equipment.

As part of the transaction, Colfax stakeholder BDT Capital Partners LLC converted its preferred stock to 12.2 million common shares, according to a statement today. The Victor purchase will be financed with cash, borrowing and the issuance of 6.5 million shares, Colfax said.

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