Eaton agrees to buy controlling stake in Turkish company Ulusoy Elektrik

ISTANBUL

The New York-based power management company Eaton has announced that it reached a definitive agreement to acquire an 82.28 percent controlling interest in Ulusoy Elektrik, a leading manufacturer of switchgear based in Ankara.

“The purchase price for the shares is approximately $214 million on a cash and debt free basis,” Eaton said in a statement issued on Jan. 31.

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first half of 2019.

Ulusoy Elektrik, whose shares are traded on Borsa Istanbul, had sales for the trailing 12-month period ending September 2018 of 555 million Turkish Liras ($126 million).

Established in 1985, Ulusoy Elektrik employs approximately 780 people and has manufacturing facilities in Turkey and Indonesia, according to the statement.

The company produces medium-voltage switchgear, medium-voltage distribution transformers, substation kiosks, and medium-voltage cable connection systems.

It exports products to more than 70 countries in four continents, according to the information on Ulusoy Elektrik’s website.

Eaton is a power management company with 2018 sales of $21.6 billion. It has approximately 99,000 employees and sells products to customers in more than 175 countries.