A three-way or multi-way valve is provided, which is built up of a plurality of two-way valves, each of which has a high pressure connection and a low pressure connection which are separated from each other by means of a valve seat with which a closure element co-operates, the two-way valves being arranged to be operated in pairs or in groups by means of a control pressure fluid by way of a control pressure line opening into a pressure chamber, and one of the two-way valves of each group being arranged in a connection between a pressure source and a load, and another two-way valve of the same groups being arranged in a connection between the load and a pressure sink. With a valve of this type, it is desired to obtain improved closing behavior with simple construction. For this purpose, at least one of the connections, especially the high pressure connection, of at least one valve of each group communicates with the control pressure line by way of a throttle channel.