Fortive acquires German manufacturer Elektro-Automatik for $1.45 billion
(Reuters) - Industrial technologies company Fortive Corporation on Monday said that it entered into a definitive agreement to acquire German manufacturer EA Elektro-Automatik Holdings GmbH for $1.45 billion in cash.
Elektro-Automatik makes test solutions for energy storage, mobility, hydrogen, and renewable energy markets.
The deal is expected to strengthen Fortive's position in the electronic test and measurement market.
Reuters reported earlier this month that Emerson Electric Co and Keysight Technologies Inc had also expressed interest in buying the German manufacturer.
Fortive expects to fund the acquisition with available cash and debt financing.
It expects the acquisition to add to its adjusted gross and operating margins in fiscal year 2024, but the impact on adjusted earnings per share to be "neutral to modestly" accretive.
(Reporting by Aishwarya Jain; Editing by Dhanya Ann Thoppil)
