TULSA, Okla. — AAON Inc., a manufacturer of HVAC products for nonresidential buildings, completed the acquisition of BasX, LLC, dba BasX Solutions (“BasX” or “BasX Solutions”) on Dec. 10, 2021. The company previously announced on Nov. 18, 2021, that it had entered into a membership interest purchase agreement to acquire 100% of the equity interests of BasX, LLC.
The transaction was funded through a combination of cash, borrowings under its revolving credit facility, and equity. The terms required an upfront payment of $100 million of which almost all was funded via cash-on-hand. Additional payments, all of which would be in the form of equity, valued at up to an additional $80 million, are subject to earn-out milestones that extend through 2023. Finally, as a condition to closing, AAON signed a real estate purchase agreement with BasX Properties LLC, an affiliate of BasX, to acquire the real property and improvements utilized by BasX for an additional $22 million, with such real estate transaction subject to customary closing conditions and adjustments. The company expects this real estate transaction to close by the end of the first quarter of 2022.