CUI Global to sell power business to Bel Fuse for $32M
CUI Global, Inc. and Bel Fuse Inc. announced that the two companies have entered into an asset purchase agreement under which CUI Global will sell the majority of its Power business to Bel for $32 million, plus the assumption of certain liabilities and subject to closing working capital adjustments.
CUI Global, Inc. and Bel Fuse Inc. announced that the two companies have entered into an asset purchase agreement under which CUI Global will sell the majority of its Power business to Bel for $32 million, plus the assumption of certain liabilities and subject to closing working capital adjustments.
The CUI Power Business is a division within CUI Global’s Power and Electromechanical segment.
Excluded from the Agreement is CUI Global’s approximate 20 % equity interest in Virtual Power Systems (VPS) related to the Intelligent Control of Energy® (ICE) product line for data centers based on VPS’ proprietary Software Defined Power® (SDP) infrastructure.
Jim O’Neil, CEO of CUI Global, stated, “This transaction unlocks the substantial value in our P&EM segment and is an important step in our transformation into a diversified energy services platform that is grounded in our existing product portfolio and gas infrastructure capabilities. With this divestiture behind us, we move forward with an aggressive and disciplined acquisition strategy to tap into secular demand trends in the electric power, oil and gas, and telecommunication infrastructure industries for long-term shareholder value creation.”
Source: City Biz List