ITT is in advanced negotiations to acquire SPX Flow from Lone Star in a transaction that would value the industrial equipment maker at more than $4.5bn, according to people familiar with the matter cited by Bloomberg.

A deal could be reached within days, though sources cautioned that talks may still collapse. The takeover would mark the largest acquisition in ITT’s history, reflecting the company’s ambitions to scale its presence across global industrial end markets. ITT currently carries a market value of about $14.3bn.

Lone Star took SPX Flow private in 2021 in a $3.8bn deal, including debt, and has since overseen operational improvements during a period of heightened sponsor interest in industrial technology and advanced manufacturing.

SPX Flow makes components used in machinery across the food and beverage sector and operates in 25 countries while conducting business in more than 140. ITT and SPX Flow did not respond to requests for comment.

If completed, the transaction would deliver a significant exit for Lone Star and continue a wave of private equity realisations in the industrials sector.

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