Everett-based industrial technology company Fortive Corp. (NYSE: FTV) is acquiring EA Elektro-Automatik, a German power electronics company, for $1.45 billion.
Fortive announced the deal Monday and expects it to close in the first quarter of next year. The company plans to pay for the acquisition with cash and debt financing.
A spokesperson for Fortive said in a statement to the Business Journal that EA Elektro-Automatik "has great talent throughout the organization" and that Fortive is "looking forward to welcoming the EA family."
The company didn't say whether all of EA Elektro-Automatik's more than 400 employees would join Fortive.
Fortive CEO James A. Lico said in a news release that the acquisition will enhance the company's "leading position in electronic test and measurement," adding that the move "will further position Fortive in multi-decade, multi-industry, high growth markets."
The $1.45 billion purchase price includes a $215 million tax benefit from EA Elektronic-Automatik's parent company, Bregal Unternehmerkapital.
EA Elektro-Automatik will become part of Tektronix, a test and monitoring subsidiary for fields like telecommunications, aerospace and consumer electronics, Fortive's spokesperson said.
The company doesn't have an update on what will happen to the EA Elektro-Automatik brand.
Fortive spun out of life sciences conglomerate Danaher Corp. in 2016. The company offers a range of health care and industrial technology products and services through more than a dozen subsidiaries. Fortive's services include infection prevention technologies, facilities management and pressure sensors. The company says it has more than 18,000 employees in over 50 countries.
EA-Elektronic Automatic was founded in 1974. The company supplies power electronics for research and development, as well as industrial uses. It offers solutions in renewable energy, automotive and rail, among others. In addition to Viersen, Germany, the company has offices in San Diego and Shanghai, according to its LinkedIn page.
