Vertiv to Acquire the E&I Engineering Group for $1.8 Billion
COLUMBUS, Ohio — Vertiv Holdings Co., a global provider of critical digital infrastructure and continuity solutions, has entered into a definitive agreement to acquire E&I Engineering Ireland Limited and its affiliate Powerbar Gulf LLC for approximately $1.8 billion in upfront consideration plus the potential for up to $200 million in cash, based on achieving certain 2022 profit milestones. The upfront consideration consists of $1,170 million in cash and approximately $630 million of Vertiv common stock. The transaction has been unanimously approved by Vertiv’s board of directors and is expected to close in the fourth quarter of 2021, subject to customary closing conditions.
Founded in 1986 by Philip O’Doherty, E&I is an independent provider of electrical switchgear and power distribution systems, pioneering unique in-house integrated power solution designs and technology tailored to individual client project needs. With annual sales of approximately $460 million and 2,100 employees, E&I has a long heritage in the power distribution market and deep relationships with a blue-chip customer base in more than 30 countries. E&I’s products represent a critical system of the data center power infrastructure and compete in an addressable market of about $7 billion, which is expected to grow 5% annually through 2025.