Power management star Eaton is close to acquiring Turkey-based Ulusoy Elektrik, which provides power equipment for distribution networks and industrial plants.
Eaton, a large data center product and service provider that received a 5-star rating in CRN's 2018 Partner Program Guide, is looking to purchase Ulusoy Elektrik for around $300 million, according to a report by Reuters citing sources familiar with the deal.
If the deal is completed, it will mark Eaton's first acquisition in years. Eaton declined to comment on the matter. Ulusoy Elektrik did not respond to comment by press time.
[Related: HPE Accelerates AI, Big Data March With Acquisition Of BlueData]
Ulusoy Elektrik has a market cap of $1.23 billion. The company's stock rose significantly on Thursday following the report of the Eaton acquisition with Ulusoy shares increasing to a record high of $15.33 per share.
The deal would see Eaton acquire more than 80 percent of Ulusoy Elektrik's from members of the founding Ulusoy family, and launch a offer to minority shareholders for the remaining stake, according to Reuters. The news outlet said the deal is expected to be signed in the next few days after several months of negotiations.
Ulusoy Elektrik sells switchgear, transformers, remote network monitoring and control systems as well as power management services on a global scale. It has production facilities located in Turkey, Indonesia and Algeria. The company has over 750 employees, including more than 100 engineers, according to the company's website.
Dublin, Ireland-based Eaton generated a whopping $20.4 billion in sales in 2017 by providing solutions that help customers manage electrical, hydraulic and mechanical power more efficiently. With a market cap of nearly $33 billion, Eaton has nearly 100,000 employees worldwide and sells products to customers in more than 175 counties.
related stories
Video
