Bel Fuse Inc. announced Friday that it has closed its previously announced acquisition of Emerson's Network Power Connectivity Solutions business.
The Jersey City-based electronics maker said in a news release that it paid about $98 million in cash for the provider of high-performance microwave and harsh environment connectors and assemblies. It said the business, headquartered in Illinois and with manufacturing facilities in North America, the United Kingdom and China, had 2013 revenue of approximately $83 million and employs around 525 people.
The China portion of the deal is expected to close by the end of the third quarter.
"This is Bel's third major acquisition in the past 16 months; all together, these acquisitions will increase our revenue from $283 million, pre-acquisition, to approximately $705 million annually,” Dan Bernstein, Bel's president, said in the release. “We are proud that Emerson, ABB Ltd. and TE Connectivity Ltd., have determined that it is in the best interest of their shareholders, customers and employees to entrust these businesses to Bel and we look forward to growing these organizations."
Bel said the financing for the deal was provided by KeyBank N.A., while Needham & Company, LLC, served as exclusive financial adviser and DeCotiis, FitzPatrick & Cole, LLP, served as legal counsel.
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