nVent Electric plc (NYSE:NVT) shares began Thursday on a downward slope. The London-based company, claiming to be a global leader in electrical connection and protection solutions, today announced it has completed the previously announced intention to acquire Maverick Power for a purchase price of $1.75 billion, subject to customary adjustments.
The transaction also includes the potential additional consideration of up to $550 million in cash based on achieving certain performance metrics in 2027 and 2028. Maverick Power is a leading manufacturer of engineered power distribution and infrastructure solutions for data centers.
“We are excited to welcome the Maverick Power team to nVent,” said nVent CEO Beth Wozniak. “Maverick Power adds a power distribution platform to our portfolio, which complements our current data center offerings. Additionally, Maverick Power expands our offerings for new power architectures, and system-level solutions and services for data centers.”
Headquartered in McKinney, Texas, Maverick Power has approximately 900 employees in Texas and Arizona.
“We design, manufacture, market, install and service high-performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes,” reads this morning’s press release. “We offer a comprehensive range of systems protection and electrical connections solutions across industry-leading brands that are recognized globally for quality, reliability and innovation.”
NVENT shares dipped $1.69, or 1.1%, to $158.68.
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