nVent Electric plc (NYSE:NVT) entered into a definitive agreement to acquire Trachte, LLC from Palladium Equity Partners, LLC for approximately $700 million on June 6, 2024. nVent expects the acquisition to be accretive to adjusted earnings per share in the first year following completion of the transaction. nVent expects to fund the acquisition with a combination of available cash on hand and new debt.

Upon closing of this transaction, nVent plans to operate Trachte within its Enclosures segment. Trachte has more than 500 employees. The transaction is expected to close in the third quarter of 2024, subject to customary conditions, including regulatory approval.

Foley & Lardner LLP is providing legal counsel to nVent in connection with the transaction. Citigroup Global Markets Inc. is providing nVent with committed bridge financing for the transaction. Harris Williams LLC served as financial advisor to Trachte on the transaction.

Baird served as advisor to the Board of Directors of Trachte. Morrison & Foerster, LLP served as legal advisor to Trachte.