A valve for switching fluid paths, particularly for pressure exchanger installations with tubular chambers through which fluid flows in an alternating manner, including a rotatable closing element (12, 13) provided with a motorized drive shaft (14) and arranged inside a housing (2) having a plurality of connections (3, 4) for connecting lines leading to a pipe system and to a respective end of at least one pressure exchanger. Another end of each pressure exchanger is connected through a valve arrangement to a second pipe system. A splitter (7) provided with a plurality of overflow paths (17, 18, 27) is arranged inside the housing (2); mouths of the overflow paths are located on two axial end faces (10, 11) and on the circumference of the splitter (7), and a rotatable, disk-shaped control element (12, 13) is arranged in a sealing manner at each end face of the splitter (7).