Vent Electric (NVT) announced that it has entered into a definitive agreement to acquire the enclosures, switchgear and bus systems businesses

NVent Electric (NVT) agreed to acquire the electrical products business of a company partly owned by metal and coil coatings company AZZ (AZZ) for $975 million in anticipation of increased demand for electrical operations.

nVent expects the acquisition to be accretive to adjusted earnings per share in the first year following completion of the transaction. The effective enterprise value multiple is approximately 12.5 times the anticipated Electrical Products Group trailing twelve-month EBITDA.

AZZ said Avail Infrastructure Solutions is selling its electrical enclosures, switchgear and bus systems businesses to nVent Electric for $975 million, but it will continue to own a 40% interest in Avail.