2019-09-11 07:14:00 来源:EEFOCUS

Embarks on a new chapter as a highly diversified premier power conversion company with global presence and scale across critical technologies and markets


FORT COLLINS, Colo.--Advanced Energy Industries, Inc. (Nasdaq: AEIS), a global leader in highly engineered, precision power conversion, measurement and control solutions, today announced that it has completed the previously announced acquisition of Artesyn Embedded Technologies’ Embedded Power business. With this highly strategic acquisition, Advanced Energy becomes a highly diversified, pure play power house with a global platform for accelerated earnings growth.


“Today marks a new chapter for Advanced Energy as we embark on the next phase of our diversification and growth strategy by adding broad sets of markets and industry-leading technologies. With integration efforts already started, the new AE management team, with the addition of Dana Huth who leads the Artesyn Embedded Power business, is well prepared to deliver long-term, profitable and sustainable growth,” said Yuval Wasserman, president and CEO of Advanced Energy.


Strategic benefits of this acquisition include:


·        Creates a premier global power conversion company with enabling critical power technologies and over $1.3 billion in annual revenue, based on 2018 combined historical results.


·        Triples AE’s addressable market to $7.5 billion by adding new attractive growth verticals in hyperscale data center, 5G wireless, industrial and medical technologies.


·        Solid strategic fit with highly complementary technologies, product portfolios and core competencies in highly engineered, application-specific power solutions for key OEMs in demanding applications.


·        Accelerates earnings growth, driving projected annualized accretion of over $0.80 per share in 18-24 months and targeting to reach long-term accretion of over $1.50 per share, on a non-GAAP basis.


·        Creates significant financial value with a purchase price of approximately 5x synergy-adjusted EBITDA, with a path to future margin expansion, additional cost savings and de-levering to create long-term shareholder value.


“We are encouraged by the positive reaction to this acquisition by both the market and our customers. The added capabilities and expertise of the Artesyn team will allow AE to better meet our customers’ needs,” added Wasserman.


“On behalf of the entire Artesyn Embedded Power team, we are excited to be playing a key role in this new chapter for Advanced Energy,” said Dana Huth. “I look forward to leading the Artesyn Embedded Power organization as together with Advanced Energy, we create a premier power conversion company developing power solutions that our customers depend on for mission-critical applications.”


Under the terms of the share purchase agreement, the total consideration for this acquisition was approximately $400 million. Advanced Energy paid approximately $375 million in cash at closing and assumed approximately $25 million in net liabilities, including estimated adjustments for net working capital and acquired cash.


In conjunction with this transaction, AE completed the previously-announced credit financing, consisting of $350.0 million of a senior unsecured term loan A facility and an untapped $150.0 million senior unsecured revolving facility, before any fees, led by Bank of America, N.A., with commitments from HSBC Bank USA, N.A., Bank of the West and Citibank, N.A.


The acquisition of Artesyn Embedded Power is expected to be immediately accretive to earnings on a non-GAAP basis and generate over $20 million of annualized synergies within 18-24 months and $40 million of total synergies long-term. In 2018, revenues for Artesyn Embedded Power were approximately $593 million and adjusted EBITDA was approximately $55 million. AE’s guidance for the third quarter of 2019 provided on August 5, 2019, did not reflect any revenue or profit contribution from this transaction. Management intends to provide more detail on the forward-looking benefits of this acquisition when it announces financial results for the third quarter.


For more information, visit www.advancedenergy.com/ArtesynJoinsAE.

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