Bel Fuse Inc., a Jersey City-based maker of electronics products, said Friday it has closed a previously announced, $117 million cash deal.
Bel Fuse acquired the Power-One Solutions business from ABB on a debt-free basis, it said in a news release. The power conversion products business had 2013 revenue of approximately $251 million and employs about 2,000 people in Chinese and Slovakian manufacturing facilities.
"The acquisition of Power Solutions is a major step forward in the development of Bel's power business and the implementation of our strategy to enhance growth and profitability for our shareholders,” Daniel Bernstein, Bel's president and CEO, said in the release. “Since 2009, we have believed that the combination of our two respective power businesses would create a dynamic enterprise capable of competing effectively on a global basis. Bel is excited by the many growth opportunities that will be created by this transaction, and we look forward to building an industry-leading power business with our new colleagues at Power Solutions."
Stephens Inc. acted as a financial adviser for the deal, with KeyBank N.A. providing financing.
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