Hubbell Inc. (NYSE:HUBB) has agreed to buy Aclara Technologies LLC, an infrastructure solutions provider to water, gas and electric utilities, for US$1.1bn in cash.
The maker of electrical and electronic products said it has obtained the bridge financing needed to fund the acquisition, which is expected to close in the first quarter of 2018.
Aclara is an affiliate of Sun Capital Partners Inc.
Hubbell’s chief executive, David Nord, said: "Together with Aclara, Hubbell will be even better positioned to serve customers through a differentiated smart grid solution and expanded portfolio."
In pre-market trading, Hubbel shares were steady at US$135.23.