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AEIS - Advanced Energy Industries Inc News Story

$59.23 -0.8  -1.3%

Last Trade - 18/09/20

Sector
Technology
Size
Mid Cap
Market Cap £1.76bn
Enterprise Value £1.72bn
Revenue £904.9m
Position in Universe 1698th / 6396

BRIEF-Advanced Energy To Acquire Artesyn Embedded Power

Wed 15th May, 2019 10:03am
May 15 (Reuters) - Advanced Energy Industries Inc  AEIS.O :
    * ADVANCED ENERGY TO ACQUIRE ARTESYN EMBEDDED POWER
    * TOTAL CONSIDERATION FOR THIS TRANSACTION WILL BE
APPROXIMATELY
$400 MILLION
    * TARGETS ANNUALIZED SYNERGIES OF OVER $20 MILLION IN 18-24
MONTHS
AND OVER $40 MILLION LONG-TERM
    * DEAL EXPECTED TO BE IMMEDIATELY ACCRETIVE TO NON-GAAP EPS
AND TO
ACCELERATE PROJECTED EARNINGS GROWTH
    * ADVANCED ENERGY INDUSTRIES - ADVANCED ENERGY WILL PAY
APPROXIMATELY $364 MILLION IN CASH AND ASSUME APPROXIMATELY $36
MILLION OF LIABILITIES FOR ARTESYN EP
    * ADVANCED ENERGY INDUSTRIES - EXPECTS TO FINANCE DEAL
THROUGH
COMBINATION OF EXISTING CASH, $350 MILLION OF DEBT SUPPORTED BY
COMMITMENTS FROM ITS LENDERS
    * TRANSACTION HAS BEEN APPROVED BY BOARD OF DIRECTORS OF
ADVANCED
ENERGY

Source text for Eikon:  ID:nGNX7fCG5b 
Further company coverage:  AEIS.O 

 ((Reuters.Briefs@thomsonreuters.com;))
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