Fortive Corporation (NYSE:FTV) entered into a definitive agreement to acquire Ea Elektro-Automatik Holding Gmbh from Bregal Unternehmerkapital GmbH for an enterprise value of approximately ?1.6 billion on October 22, 2023. Fortive expects to finance the acquisition with available cash and debt financing. The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in early first quarter of 2024. The acquisition is expected to be accretive to adjusted gross and operating margins and neutral to modestly accretive to adjusted diluted net earnings per share in fiscal 2024.

Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC served as financial advisors and Freshfields Bruckhaus Deringer served as legal counsel to Fortive. Oliver Felsenstein, Sebastian Pauls, Susanne Decker, Larry Seymour, Susan Kempe-Müller, Sebastian Max Hauser, Tobias Leder, Cora Grannemann, Jana Dammann de Chapto, Stefan Bartz, Wolf-Tassilo Böhm, Joachim Grittmann, Andrew Galdes, and Sven Nickel of Latham & Watkins LLP acted as advisor to Bregal Unternehmerkapital. BofA Securities acted as financial advisor to Bregal Unternehmerkapital GmbH.

Fortive Corporation (NYSE:FTV) completed the acquisition of Ea Elektro-Automatik Holding Gmbh from Bregal Unternehmerkapital GmbH for ?1.6 billion net of cash on January 3, 2024. Under the terms of agreement, consideration paid is along with net of acquired cash but prior to anticipated tax benefits. And as part of financing, on an as adjusted basis to give effect to the incurrence of ?424 million ($450 million) of borrowings under the Delayed-Draw Term Loan due 2024 on January 2, 2024, payment of approximately ?1.13 billion ($1.2 billion) of the purchase price of our acquisition of EA from cash on hand on January 3, 2024.