Ecolab Inc. has agreed to acquire privately held Champion Technologies and its related company Corsicana Technologies in a transaction valued at approximately US $2.2 billion, to be paid through a mix of approximately 75% cash and 25% stock, according to a news release.

Closing is expected to occur by year-end 2012, subject to regulatory clearance and other customary closing conditions.

Ecolab will pay approximately $1.7 billion in cash and issue approximately 8 million shares of Ecolab common stock, subject to certain adjustments at and after closing. The transaction is expected to be cash and earnings accretive in 2013, the first full year of the combined entity, the release said. Ecolab expects to realize attractive synergies from the Champion transaction totaling a run-rate of approximately $150 million by the end of 2015 through integration activities wholly within the Global Energy Services sector and that it will not impact the Nalco integration work.