NVent Electric To Buy CIS Global In $200 Mln Cash Deal - Quick Facts

(RTTNews) - UK-based nVent Electric plc (NVT), a provider of electrical connection and protection solutions, Wednesday said it has entered into a definitive agreement to acquire CIS Global LLC, a privately held provider of mission critical power and server rack-mount slide products.

The deal price is approximately $200 million in cash, subject to adjustments. The transaction is expected to be completed by the third quarter. The closing is subject to customary conditions, including regulatory approval.

Following the deal closure, CIS Global will be operated as a separate business within the nVent Enclosures segment.

Tucson, Arizona -based CIS Global is a provider of data center power solutions. It has five manufacturing facilities including China, India and Thailand with approximately 850 employees globally.

nVent Enclosures President Joe Ruzynski said, "Our priority after closing will be to serve and grow the CIS Global customer base with innovative solutions."

Nvent noted that there is an increasing demand for data services that is propelling investments in IT and server technology. Key drivers include 5G wireless and demand for artificial intelligence and edge computing, creating demand for servers and related power solutions.