ESCO Technologies Closes Megger Group Acquisition From TBG AG
ESCO Technologies has finalized its purchase of Megger Group Limited from TBG AG, with the seller receiving equity and a board seat.
ESCO Technologies Inc. announced Wednesday that it has completed its acquisition of Megger Group Limited, a business unit previously held by Swiss firm TBG AG, the St. Louis-based company said in a statement.
As part of the deal terms, TBG AG accepted lock-up restrictions governing its stake in ESCO common stock, limiting the seller's ability to trade those shares for a defined period. TBG also secured nomination rights for one seat on ESCO's Board of Directors, giving the former owner ongoing governance influence in the combined company.
Read more GM Q3 Sales Fall 5.5% as Toyota Gains on EV, Hybrid Demand →
The transaction marks a notable expansion for ESCO Technologies, which trades on the New York Stock Exchange under the ticker ESE. Megger Group is a well-established manufacturer of electrical test and measurement equipment, and the acquisition is expected to broaden ESCO's portfolio in that segment. Financial terms of the deal were not disclosed in the announcement.
The closing adds a globally recognized brand to ESCO's existing suite of utility and industrial solutions businesses. The inclusion of a TBG board nominee and equity lock-up provisions suggests a structured transition designed to align the interests of both parties over the near term.
Continue reading at GlobalNewswire.
