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Upon completion of the transaction, Tyco shareholders will own 52.5 percent of the combined company and Pentair shareholders will own 47.5 percent.
The merged company, with estimated pro forma 2012 revenues of $7.7 billion, will be named Pentair and be based in Switzerland.
Randall J. Hogan, Pentair's current CEO, will lead the merged company.
"The addition of Tyco Flow perfectly aligns with Pentair's growth strategy to expand globally, invest in high growth platforms and leverage the Pentair Integrated Management System to generate strong shareholder returns," Hogan said. "We believe that by combining with Tyco Flow, we can unlock substantial synergies, meaningfully increase our global presence and better serve our customers with a broader offering and expanded capabilities."