ITT Completes $1.3B Common Stock Follow-On Offering

Fried Frank advised Goldman Sachs & Co. LLC and UBS Securities LLC, as representatives of the underwriters, in connection with a public offering of 8,050,000 shares of common stock by ITT Inc. (ITT), which includes the underwriters' full exercise of their option to purchase 1,050,000 shares, for total gross proceeds of $1.3 billion. ITT intends to use the net proceeds from the offering to fund a portion of the purchase price of its announced acquisition of the business of SPX FLOW, Inc. and to pay related fees and expenses. ITT is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial and energy markets.

This transaction is a continuation of Fried Frank's work advising top banks as representatives of the underwriters on high-value offerings.

The Fried Frank team was led by corporate partners Daniel J. Bursky and Andrew B. Barkan and included tax partner Joseph E. Fox, corporate special counsel Danica E. Curavic, and corporate associates Jordan Goldstein and Grace Osgood.

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