Oaktree Capital-backed Acorn to acquire BW/IP - New Mexico of Flowserve for $219m.

Oaktree Capital-backed Acorn, a company focused on insurance asset management and speciality finance, agreed to acquire BW/IP - New Mexico of Flowserve, a supplier of industrial and environmental machinery, for $219m. Under the terms of the agreement, Acorn will assume full responsibility for BW/IP and its administration and resolution of all current and future asbestos-related claims associated with the acquired liabilities. As a result of the transaction, Flowserve will permanently divest these liabilities, enabling the Company to simplify its capital structure and focus its future capital allocation towards value enhancing opportunities.