Hubbell gets committed financing from three banks to buy Aclara

By Marisa Wong

Morgantown, W.Va., Dec. 28 – Hubbell Inc. said it has obtained fully committed bridge financing from J.P. Morgan Securities LLC, BofA Merrill Lynch and HSBC Securities (USA) to fund its planned acquisition of Aclara Technologies LLC.

Hubbell expects its debt-to-adjusted EBITDA ratio to be 3.1 times at the close of the transaction and anticipates reducing this ratio over the next few years, according to a press release.

The transaction, valued at $1.1 billion, is expected to be completed in the first quarter of 2018.

Hubbell is a Shelton, Conn.-based manufacturer of electrical and electronic products for non-residential and residential construction, industrial and utility applications. Aclara is a supplier of smart infrastructure solutions to water, gas and electric utilities and is an affiliate of Sun Capital Partners, Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.