Vertiv Sells ASCO® to Schneider Electric
(Thomson Reuters ONE) -
Sale enables greater focus on core business
COLUMBUS, Ohio, July 27, 2017 (GLOBE NEWSWIRE) -- Vertiv, formerly Emerson
Network Power, today announced plans to sell its ASCO® business as it continues
to sharpen its focus on the digital critical infrastructure space. The $1.25
billion sale to Schneider Electric allows Vertiv to apply additional resources
toward business and technological advancements in its core data center,
telecommunications and commercial and industrial markets.
As Vertiv has repositioned itself after being sold to Platinum Equity in
November 2016, it became clear that ASCO's strengths in the automatic transfer
switch arena fell outside the new organization's more focused strategy, said
Vertiv CEO Rob Johnson.
"This sale is a significant step forward in our evolution as the premier
provider of digital critical infrastructure solutions," Johnson said. "This is
consistent with our strategy of focusing on our customers and aligning the
strengths of our organization - deep domain knowledge in IT and facilities
applications, global scale and service coverage - to better meet their needs."
Platinum Equity Partner Jacob Kotzubei praised Vertiv's progress.
"Thanks to strong leadership and the commitment of Vertiv employees around the
world, the company is performing exceptionally well, and the transformation of
the business is right on track," said Mr. Kotzubei. "The sale of ASCO will
further support those efforts and help Vertiv continue focusing on its core
business. Given the amount of cash proceeds expected to be generated from the
sale, we will evaluate a number of capital structure alternatives that would be
beneficial to all stakeholders."
The sale price of $1.25 billion reflects a multiple of 11.7x adjusted EBITDA for
CY2016. The sale is subject to customary regulatory approvals and is expected to
close by Q4 2017.
About Vertiv
Vertiv designs, builds and services critical infrastructure that enables vital
applications for data centers, communication networks and commercial and
industrial facilities. Formerly Emerson Network Power, Vertiv supports today's
growing mobile and cloud computing markets with a portfolio of power, thermal
and infrastructure management solutions including the ASCO®, Chloride®,
Liebert®, NetSure(TM) and Trellis(TM) brands. Sales in fiscal 2016 were $4.4
billion. For more information, visit VertivCo.com.
CONTACT
Mark Berry
T +614 383 1605
E Mark.Berry(at)Fahlgren.com
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vertiv via GlobeNewswire
Datum: 27.07.2017 - 14:22 Uhr
Sprache: Deutsch
News-ID 554231
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