USA, New Jersey: Bel Fuse Inc. announced it has entered into a definitive agreement to acquire the Emerson Network Power Connectivity Solutions (ECS) business of Emerson Inc.
To acquire the ECS business, Bel will pay approximately $ 98 million in cash and is expected to close the deal in the second quarter of 2014, reports Business Wire.
Dan Bernstein, Bel's president, said, "This is Bel's third major acquisition in the past 14 months; all together, these acquisitions will increase our revenue from $ 283 million, pre-acquisition, to approximately $ 705 million annually. We are proud that Emerson Inc., ABB Ltd. and TE Connectivity Ltd., have determined in the best interest of their shareholders, customers and employees to entrust these businesses to Bel and we look forward to growing these organisations."
Source: Business Wire