Advanced Energy to Acquire SL Power

About this update from Advanced Energy Industries, Inc.

[{"type":"text","content":"\nSL Power adds a complementary portfolio of power conversion products and solutions for medical and advanced industrial applications\n\n DENVER--(BUSINESS WIRE)--\nAdvanced Energy (Nasdaq: AEIS) – a global leader in highly engineered, precision power conversion, measurement and control solutions – today announced that it has entered into a definitive agreement to acquire SL Power Electronics Corporation, a leading provider of customized power solutions for medical and advanced industrial applications, from Steel Partners Holdings L.P. (NYSE: SPLP). The acquisition expands Advanced Energy’s medical power solution offerings by adding a complementary portfolio of products and improves its ability to meet the growing needs of industrial and medical customers.\n\nHeadquartered in Calabasas, California, SL Power is a leading supplier of power conversion solutions for medical and advanced industrial applications. With more than 60 years of experience in the power industry, SL Power offers leading medical and advanced industrial original equipment manufacturers (OEMs) an extensive portfolio of standard, modified standard and custom solutions with superior performance that meet the stringent requirements of mission critical applications.\n\n“The addition of SL Power expands our offerings for industrial and medical applications,” said Steve Kelley, President and CEO of Advanced Energy. “I believe SL Power’s strong customer base, complementary product portfolio, and highly skilled team make it an ideal fit for Advanced Energy.”\n\nStrategic Benefits\n\n\nExpands AE’s addressable market in industrial and medical power supplies by over $400 million.\n\n\nComplements AE’s medical portfolio with low operating power, low emission (EMI/EMC) power supplies designed for use in FDA-certified Class-II and Class-III medical equipment.\n\n\nBroadens AE’s reach in advanced industrial applications, including specialty lighting and test and measurement.\n\n\nDelivers significant potential revenue and cost synergies by creating cross-selling opportunities and integrating SL Power into AE’s operations.\n\n\nEnhances AE’s core competency in power conversion technologies.\n\n\nExpected to be accretive to non-GAAP 2022 earnings.\n\n\nTerms of the Definitive Agreement\n\nPursuant to the terms of the Stock Purchase Agreement, AE will pay a base purchase price ...

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