DUBLIN—Power management company Eaton Corp. said it has completed the acquisition of an 82 percent stake in switchgear maker Ulusoy Elektrik of Ankara, Turkey.
The shares bought come from Sait Ulusoy, Kubilay Hakki Ulusoy, Enis Ulusoy and Akgul Ulusoy—all members of the Turkish company's founding Ulusoy family. They account for 90 percent of voting rights outstanding, Eaton said in a news release. The purchase price for the shares is roughly $214 million, on a cash and debt-free basis.
As required by legislation governing Turkish capital markets, Eaton said in the release that it plans to file an application to launch a tender offer for the remaining shares.
Ulusoy Elektrik, founded in 1985, has about 780 employees and operates manufacturing facilities in Turkey and Indonesia. The company's products include medium-voltage switchgear, medium-voltage distribution transformers, substation kiosks and medium-voltage cable connection systems, Eaton said in the release.
Eaton disclosed Jan. 31its intentions to buy Ulusoy Elektrik.
At the time, Revathi Advaithi, president and chief operating officer for Eaton's electrical sector, said in a statement that 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. 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."
Eaton, which is based in Dublin and has its North American headquarters in Beachwood, Ohio, posted sales of $21.6 billion in 2018. It has about 99,000 employees worldwide.