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CECO Environmental, Thermon Group Merge in $2.2B Cash, Stock Deal

February 25, 2026 Jason Philyaw

CECO Environmental Corp. and Thermon Group Holdings announced on Tuesday (Feb. 24) an agreement to merge in a stock and cash transaction valued at about $2.2 billion.

Gibson, Dunn & Crutcher advised CECO with a team led by Dallas Partners Jonathan Whalen and Jeffrey Chapman. Sidley Austin advised Thermon with a mostly Chicago-based team lead by Partners Scott Williams and Matt Stoker. Sidley Partner Kelly Dybala, who works in Dallas and New York, and Houston Partner Heather Palmer also advised on the deal.

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Jason Philyaw

Jason compiles the weekly Corporate Deal Tracker Roundup and covers the dealmakers behind the deals.

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