The combined entity will remain a strong partner to its customers and will continue supporting the evolution of the grid in the US and the rest of the Americas.
MONTERREY, N.L., MEXICO, October 4, 2021 — GE-Prolec Transformers, Inc. (together with its affiliates, “Prolec GE”), a subsidiary of a 50/50 joint venture between GE (NYSE:GE) and Xignux, a Mexico-based private company, announced today it has completed the acquisition of SPX Corporation’s (NYSE: SPXC) SPX Transformer Solutions business. The contract purchase price was $645 million, subject to a net working capital adjustment and other typical adjustments.
The acquisition of SPX Transformer Solutions, which is known for its Waukesha® transformers, services, and components, will allow Prolec GE to comprehensively serve the growing Americas market with a broader portfolio of innovative and sustainable solutions for the delivery of electrical energy.
“We are delighted to welcome the SPX Transformer Solutions team to the Prolec GE family,” said Ricardo Suarez, CEO of Prolec GE. “The combined talent and technical expertise of our two great teams will make us a stronger partner to our customers and enable us to better support the evolution of the electric grid in the US and the rest of the Americas. As always, we remain committed to delivering high quality, reliable products and services and an exceptional customer experience.”
Shared business values and the complementary product and service offerings of Prolec GE and SPX Transformer Solutions will provide a synergistic foundation for the company.
Prolec GE was represented by Sidley Austin LLP as legal advisor, UBS Investment Bank as lead financial advisor and Scotiabank Inverlat as financial advisor. SPX Corporation was represented by J.P. Morgan Securities LLC as exclusive financial advisor, and by K&L Gates LLP as legal advisor.
Xignux is a Mexico-based company dedicated to the energy and food industries with sales in more than 40 countries. Xignux was founded 65 years ago and now employs more than 28,000 people in five countries. Xignux manages companies that energize life and society to contribute to a better world.
GE (NYSE:GE) drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse, and dedicated, operating with the highest integrity and passion to fulfill GE’s mission and deliver for our customers.
About Prolec GE
Prolec GE designs and provides solutions for the generation, transmission, and distribution of electrical energy. With more than 50 years’ experience in the industry, Prolec GE is an important player in the Americas with business units in Mexico, the United States, and Brazil. It has an installed base in more than 35 countries and employs more than 8,000 people.
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