Pentair acquires Clean Process Technologies from Norit

US water technologies company Pentair has entered into an agreement to acquire the Clean Process Technologies (CPT), a provider of membrane technology and ultrafiltration, from privately held Norit Holding for €503m (£440.4m), plus net debt.

Pentair expects the net debt at the time of closing to be minimal and plans to fund the transaction with a combination of cash, revolving credit facility funding and investment grade financing.

In 2010, CPT reported, on an International Financial Reporting Standards (IFRS) basis, €222m of net sales and €35m of IFRS operating result before depreciation and amortisation.