Irish firm E+I Engineering to be acquired in $2bn deal
E+I Engineering specialises in electrical and power distribution equipment used in data centres. File picture
Donegal-based company E+I Engineering – which specialises in electrical and power distribution equipment used in data centres – is set to be acquired by US company Vertiv in a deal worth about $2bn (€1.7bn).
Vertiv, a global provider of digital infrastructure based in Ohio, said it had entered a definitive agreement to acquire E+I and its affiliate business Powerbar Gulf for about $1.8bn, with the transaction expected to close in the final quarter of this year.
There is potential for a further $200m payment based on certain 2022 profit goals being met.
“The acquisition of E+I represents a key milestone in Vertiv’s strategy, completing our portfolio of in-building power train offerings for data centres and vital commercial and industrial markets,” said Rob Johnson, Vertiv’s CEO.
“The combination will amplify Vertiv’s growth opportunities and profitability, while enabling Vertiv to deliver differentiated solutions that manage a customer’s entire power infrastructure as an integrated system," he said.
Vertiv said the deal to buy E+I would expand its addressable market by $7bn, which is expected to grow 5% annually through 2025.
The deal marks the first acquisition by Vertiv since becoming a public company by floating on the New York Stock Exchange last year.
