08:47 AM EDT, 03/25/2024 (MT Newswires) -- Ingersoll Rand ( IR ) said Monday it has agreed to acquire engineering development and manufacturing company ILC Dover from New Mountain Capital for about $2.325 billion in cash to expand its presence in life sciences.

The company said the deal includes an earnout dependent on certain operating efficiency metrics in 2024.

The acquisition, slated to close in Q2, is expected to be immediately accretive to Ingersoll Rand's ( IR ) growth and margin rates, the company said.

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