nVent Signs Agreement to Acquire Eldon Enclosures Business
August 6, 2019
nVent Electric plc announced it has signed an agreement to acquire Eldon, a privately held European-based enclosures business, for a cash purchase price of approximately $130 million, subject to customary adjustment and including repayment of Eldon debt.
The acquisition of Eldon and its highly complementary portfolio will position nVent well for global growth.
Eldon is headquartered in Madrid, Spain, with global offices and primary manufacturing in Romania. For the period ending Dec. 31, 2018, sales of the business were approximately $90 million.
Completion of the acquisition is pending regulatory approval. nVent expects the transaction to close in 2019, and to be accretive to EPS within the first 12 months following acquisition.