DONEGAL firm E&I Engineering is being bought in a deal worth up to $2 billion.
E&I Engineering is to be acquired by Vertiv Holdings, based in Ohio.
The company, headquartered in Burnfoot, was founded in 1986 by Philip O’Doherty, who is the chairman of Derry City Football Club.
E&I is a leading independent provider of electrical switchgear and power distribution systems, pioneering unique in-house integrated power solution designs and technology tailored to individual client project needs.
E&I employs 2,100 people and has annual sales of $480million.
“This transaction brings together two highly complementary businesses and represents a great outcome for E&I’s employees and customers,” said O’Doherty.
“We are excited to join the Vertiv team and to continue to grow our business through Vertiv’s global reach, strong channel presence and great customer positioning in critical digital infrastructures.”
Under terms of the deal, Vertiv, a digital infrastructure company, will make an upfront payment of $1.8 billion, consisting of $1.17 billion in cash and $630 million worth of Vertiv shares.
The deal could also include up to an additional $200 million in cash for achieving certain profit milestones.
The transaction has been unanimously approved by Vertiv’s Board of Directors and is expected to close in the fourth quarter of 2021, subject to customary closing conditions.
“The acquisition of E&I represents a key milestone in Vertiv’s strategy, completing our portfolio of in-building power train offerings for data centers and vital commercial and industrial markets,” said Rob Johnson, Vertiv’s Chief Executive Officer.
We look forward to adding E&I’s highly skilled team members to the Vertiv family. Our companies share a strong culture of engineering excellence and innovation and a passion for serving our customers with differentiated products and service.”