Eaton to acquire controlling interest in Ulusoy Elektrik

The price tag for all shares comes out to approximately USD 214 million on a cash and debt free basis. Established in 1985, Ulusoy Elektrik employs approximately 780 people and has manufacturing facilities in Turkey and Indonesia. Products include medium-voltage switchgear, medium-voltage distribution transformers, substation kiosks, and medium-voltage cable connection systems. “The acquisition of Ulusoy Elektrik complements Eaton’s IEC portfolio and strengthens our ability to provide tailored medium-voltage solutions that span the full range of requirements,” says Revathi Advaithi, president and chief operating officer, Electrical Sector, in a press release. “In addition, it adds a competitive, high-capability manufacturing base and provides us with additional access to the medium-voltage market in Europe, the Middle East, and Africa.” The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first half of 2019. As required by the Turkish capital markets legislation, Eaton plans to file an application to execute a mandatory tender offer for the remaining shares shortly after the transaction closes.