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.

“Victor provides an excellent strategic fit, extending our reach, as well as expanding and improving the breadth of our offering,” Colfax Chief Executive Officer Steven Simms said in the statement.

The transaction is expected to add to adjusted earnings per share immediately, Fulton, Maryland-based Colfax said. Victor had sales of about $500 million in 2013 on a pro forma basis.

Formerly known as Thermadyne Holdings Corp., St. Louis- based Victor was acquired by Irving Place in 2010.

Colfax shares rose 1.6 percent to $65.02 at the close in New York.

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