Fortive strikes a deal to acquire German test solutions developer Elektro-Automatik Holdings GmbH for $1.45 billion in cash.
Fortive Corporation, an industrial technology company, announced on Monday that it has entered into a formal deal to acquire German manufacturer EA Elektro-Automatik Holdings GmbH for $1.45 billion in cash.
Elektro-Automatik develops test solutions for the markets of energy storage, mobility, hydrogen, and renewable energy.
Fortive’s position in the electronic test and measurement market is projected to improve as a result of the transaction.
Earlier this month, it was reported that Emerson Electric Co. and Keysight Technologies Inc. had indicated interest in acquiring the German firm. Fortive plans to fund the transaction with cash on hand and debt financing.
It anticipates that the purchase will increase its adjusted gross and operating margins in fiscal year 2024 but will have a “neutral to modestly” accretive impact on adjusted earnings per share.
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