Industrial conglomerate Fortive Corp. announced Oct. 23 that it has reached an agreement to acquire electronic test solutions maker EA Elektro-Automatik Holding GmbH for $1.45 billion.
Germany-based EA provides electronic test solutions for energy storage, mobility, hydrogen and renewable energy applications.
Expected to close early in 2024’s first quarter, the deal figures to further expand Fortive’s offerings in the professional test and measurement space, which includes its well-known Fluke brand.
“We are pleased to announce our agreement to acquire EA Elektro-Automatik to enhance our leading position in electronic test and measurement, helping to enable the global energy transition,” Fortive President and CEO James Lico said in a news release. “This acquisition will further position Fortive in multi-decade, multi-industry, high growth markets, leveraging Tektronix’s global franchise and the power of the Fortive Business System to create unparalleled value for customers and shareholders.”
Fortive said it will discuss more details about the pending acquisition in its 2023 third quarter earnings conference call, set for Oct. 25.
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