In March 2022, Pentair plc entered into a definitive agreement to acquire Manitowoc Ice from Welbilt, Inc. for $1.6 billion in cash. The acquisition officially completed in July 2022.

Key Details of the Deal:

• Net Transaction Value: Approximately $1.38 billion, accounting for roughly $220 million in expected tax benefits.
• Strategic Fit: Manitowoc Ice—a maker of commercial ice machines with around 1 million installed units worldwide—was integrated into Pentair’s Water Solutions commercial foodservice platform alongside existing brands like Pentair Everpure.
• Regulatory Context: Welbilt divested Manitowoc Ice to satisfy antitrust and regulatory requirements, clearing the path for Welbilt to be acquired by Ali Group.