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Hammond Power Solutions Completes C$365 Million AEG Power Solutions Acquisition

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Hammond Power Solutions (HPS-A.TO) has completed its acquisition of AEG Power Solutions for about C$365 million.

The deal is part of Hammond's strategy to expand its service and aftermarket capabilities beyond its foundation in transformers, the company said Monday.

The company now has two business units, Transformers and the newly created Integrated Electrical Solutions (IES). The IES unit will focus on delivering more complete, system-level solutions.

Hammond also entered into a new syndicated secured credit facility providing access to up to US$300 million in term debt to fund the acquisition and up to US$150 million under a revolving credit facility.

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