French power-equipment supplier Schneider Electric (SU.FR) has agreed to buy automatic transfer switch maker Asco Power Technologies for $1.25 billion, boosting its position in North America.
"Asco brings to Schneider Electric a well-recognized brand in North America, a strong level of know-how, prescription skills and network and a diversified customer base," Schneider Chief Executive Jean-Pascal Tricoire said in a statement.
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Asco, founded in Baltimore, currently employs around 2,000 people, mainly in North America, and has been operating as an autonomous part of data center infrastructure provider Vertiv, formerly known as Emerson Network Power. It posted revenue of $468 million last year with an adjusted Ebitda margin for earnings before interest, depreciation and amortization of close to 23%.
The all cash-deal is expected to close towards the end of 2017.
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July 27, 2017 03:59 ET (07:59 GMT)