nVent Electric plc (NYSE: NVT) has signed an agreement to acquire Eldon, a privately held European-based enclosures business, for $130 million in cash.
The transaction is expected to close this year and to be accretive to EPS within the first 12 months following acquisition.
"Eldon is a great fit for nVent. The combination of Eldon and our enclosures business will strengthen our ability to quickly respond to customers around the world and provide advanced and flexible solutions," said Beth Wozniak, nVent CEO. "Eldon has been focused on driving a digital capability to serve customers with velocity, which aligns perfectly with our strategy."
nVent Electric shares closed Friday at $24.93. The stock has a 52-week high of $29.84 and a 52-week low of $19.71.
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