Ashurst is advising Spirax-Sacro Engineering PLC on the financing aspects of its acquisition of Chromalox, Inc. from Irving Place Capital for a cash-free, debt-free consideration of US$415 million (£319 million), working closely with Spirax's General Counsel, Andy Robson.

Spirax-Sarco specialises in the control and efficient use of steam and in peristaltic pumping and associated fluid path technologies. Chromalox is a U.S. based provider of electrical products, systems and solutions for industrial process heating and temperature management.

Completion is subject to U.S. merger authority approval and these conditions are expected to be satisfied during the current quarter.

Banking partner Tim Rennie is leading the Ashurst team, assisted by senior associate Briony Holcombe.

This follows on from relationship partner, Nick Bryans, advising Spirax-Sarco Engineering on the financial aspects of the sale and purchase agreement announced in April to acquire Gestra AG and associated businesses from Flowserve Corporation for a cash-free, debt-free consideration of €186 million (£160 million).