Hubbell To Acquire Aclara Tech For About $1.1 Bln In Cash

(RTTNews) - Hubbell Inc. (HUBB) said that it agreed to acquire Aclara Technologies LLC , an affiliate of Sun Capital Partners, Inc., for approximately $1.1 billion in an all-cash transaction.

The transaction is expected to be accretive in 2018 to Hubbell's EPS, excluding intangible amortization and deal related costs, and in 2019 on a GAAP basis. Further, Hubbell expects to maintain an investment grade rating.

The transaction, which is expected to be completed in the first quarter of 2018, is subject to the satisfaction of customary closing conditions, including U.S. antitrust clearance.

With approximately 1,200 people working with more than 800 electric, water and gas utilities worldwide, Aclara provides actionable insights to help utilities predict, plan and respond to conditions, improve operational efficiency and promote resource conservation to customers. Aclara reported revenues of $500 million and adjusted EBITDA of $90 million for the fiscal year ended September 30, 2017.