3M To Acquire CUNO

3M and CUNO Inc. have entered into a definitive agreement for 3M's acquisition of CUNO in an all-cash merger for $72 dollars per share, valuing the transaction at about $1.35 billion, including the assumption of $60 million of existing net debt. CUNO designs, manufactures and markets filtration products for the separation, clarification, and purification of fluids and gases. Its products include proprietary depth filters and semi-permeable membrane filters used in potable water, health care and fluid processing applications.

3M said this acquisition will complement its current $1 billion-plus air filtration business.The transaction is expected to close in the third quarter subject to approvals.