Eaton Capital completed the acquisition of 82.3% stake in Ulusoy Elektrik Imalat Taahhüt ve Ticaret A.S. from Sait Ulusoy, Kubilay Hakki Ulusoy, Enis Ulusoy and Akgul Ulusoy (the Ulusoy family).
April 14, 2019
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Eaton Capital reached a definitive agreement to acquire 82.3% stake in Ulusoy Elektrik Imalat Taahhüt ve Ticaret A.S. (IBSE:ULUSE) from Sait Ulusoy, Kubilay Hakki Ulusoy, Enis Ulusoy and Akgul Ulusoy (the Ulusoy family) for approximately $210 million on January 31, 2019. The purchase price is on a cash and debt free basis and will be adjusted up or down for the level of net cash delivered at closing. The final purchase price will be adjusted up or down for the level of net cash delivered at closing. As required by the Turkish capital markets legislation, Eaton plans to file an application to execute a mandatory tender offer for the remaining shares shortly after the transaction closes. As part of the agreement, certain unrelated businesses with expected revenue in 2018 of approximately $3 million are not included in this transaction. The transaction is subject to customary closing conditions, regulatory approvals and approval from the Turkish Competition Board, and is expected to close in the first half of 2019. Barclays acted as financial advisor to Eaton Corporation, parent of Eaton Capital. Elvan Aziz, Nazli Bezirci, Okkes Sahan and Miray Cura of Paksoy acted as legal advisors for the Ulusoy family. GKC Partners and Asli Basgoz, Emre Ozsar, Derin Altan, Sezin Elcin Cengiz, Eylul Topanoglu, Asli Gulum, Eren Ayanlar, Gokcen Durgut, Ege Gulec, and Irem Kurkcu, Kristo Molina and Adzkia Fatah of White & Case LLP acted as legal advisors for Eaton Capital.
Eaton Capital completed the acquisition of 82.3% stake in Ulusoy Elektrik Imalat Taahhüt ve Ticaret A.S. (IBSE:ULUSE) from Sait Ulusoy, Kubilay Hakki Ulusoy, Enis Ulusoy and Akgul Ulusoy (the Ulusoy family) on April 15, 2019. The sellers will hold no stake in Ulusoy Elektrik post completion. Eaton plans to file an application to execute a mandatory tender offer for the remaining shares.
Ulusoy Elektrik Imalat Taahhut ve Ticaret AS is a Turkey-based company engaged in the manufacture of switchgears. The Company's products are: HMH series metal enclosed modular switchgears, which are medium voltage switchgears designed for use in secondary distribution systems, in compact kiosk type transformer substations, in industrial facilities and indoor spaces; LBSG Series Complete SF6 Gas Insulated medium voltage Modular Switchgears (RMU), which are used in M.V secondary distribution systems; Metal Clad Switchgears, used in Energy Generation and Distribution Facilities, Mines and Iron and Steel Factories, among others, and UBET series monoblock concrete substation kiosks, used in secondary distribution systems for housing purpose of modular Switchgears, distribution transformers , LV distribution boards and other medium voltage switchgear and and distribution equipments, among others.
Eaton Capital completed the acquisition of 82.3% stake in Ulusoy Elektrik Imalat Taahhüt ve Ticaret A.S. from Sait Ulusoy, Kubilay Hakki Ulusoy, Enis Ulusoy and Akgul Ulusoy (the Ulusoy family).