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Acquisitions
3 Months Ended
Mar. 31, 2013
Business Combinations [Abstract]  
Acquisitions
Acquisitions

During the first quarter of 2013, we spent $81 million ($78 million, net of cash acquired) on two acquisitions that were not material individually or in the aggregate to our results of operations or financial position.
 
PIMS

On February 5, 2013 we acquired PIMS Group (“PIMS”), a wastewater services company based in the United Kingdom, for approximately $57 million, including a cash payment of $55 million and the assumption of certain liabilities. PIMS is a supplier of wastewater installation and maintenance services for the private sector, municipal and industrial markets. The company has approximately 220 employees and generated revenue of approximately $38 million for the fiscal year ended April 30, 2012.

Our financial statements include PIMS' results of operations prospectively from February 5, 2013. The purchase price allocation for PIMS is based upon a preliminary valuation and our estimates and assumptions are subject to change within the measurement period. The primary areas of the purchase price allocation that are not yet finalized relate to the fair values of intangible assets, income taxes, working capital balances, certain other current and non-current liabilities and residual goodwill.

MultiTrode

On March 1, 2013 we acquired MultiTrode Pty Ltd (“MultiTrode”), a water and wastewater technology and services company based in Australia, for approximately $26 million. MultiTrode offers advanced monitoring and control technologies to municipal and private water and waste water authorities as well as industrial clients. The company has approximately 60 employees and generated revenue of approximately $13 million in fiscal 2012.

Our financial statements include MultiTrode's results of operations prospectively from March 1, 2013. The purchase price allocation for MultiTrode is based upon a preliminary valuation and our estimates and assumptions are subject to change within the measurement period. The primary areas of the purchase price allocation that are not yet finalized relate to the fair values of intangible assets, income taxes, working capital balances, certain other current and non-current assets and residual goodwill.