Eaton Agrees to Acquire Controlling Interest in Ulusoy Elektrik, Expanding IEC Offerings in EMEA
Eaton Corporation, PLC Ordinary Shares (ETN)
Last eaton corporation, plc ordinary shares earnings: 4/30 06:30 am
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Source: Business Wire
DUBLIN--(BUSINESS WIRE)-- Power management company Eaton (NYSE:ETN) has reached a definitive agreement to acquire an 82.275 percent controlling interest in Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S. (IST:ULUSE), a leading manufacturer of switchgear based in Ankara, Turkey, with a primary focus on medium voltage solutions for industrial and utility customers. The purchase price for the shares is approximately $214 million on a cash and debt free basis. This constitutes the entire shareholding of both privileged and ordinary shares of sellers Sait Ulusoy, Kubilay Hakki Ulusoy, Enis Ulusoy and Akgul Ulusoy, and accounts for 90.153 percent of the outstanding voting rights. On a Turkish Financial Reporting Standards basis, Ulusoy Elektrik had sales for the trailing 12-month period ending September 30, 2018, of 555 million lira ($126 million based on the average exchange rate for the period) and EBIT of 15
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