Derry Daily
  • News
  • Entertainment
  • Sport
  • Features
  • Courts
  • Business
  • Health
  • Politics
  • Jobs
Tuesday 22°CWednesday 22°C

Derry Daily Derry Daily Derry Daily

  • News
  • Entertainment
  • Sport
  • Features
  • Courts
  • Business
  • Health
  • Politics
  • Jobs
BusinessNews

E&I Engineering to be bought in $2 billion deal

written by cassoscoop September 8, 2021
ShareTweet

DONEGAL firm E&I Engineering is being bought in a deal worth up to $2 billion.

E&I Engineering is to be acquired by Vertiv Holdings, based in Ohio.

The company, headquartered in Burnfoot, was founded in 1986 by Philip O’Doherty, who is the chairman of Derry City Football Club.

E&I is a leading independent provider of electrical switchgear and power distribution systems, pioneering unique in-house integrated power solution designs and technology tailored to individual client project needs.

E&I employs 2,100 people and has annual sales of $480million.

“This transaction brings together two highly complementary businesses and represents a great outcome for E&I’s employees and customers,” said O’Doherty.

“We are excited to join the Vertiv team and to continue to grow our business through Vertiv’s global reach, strong channel presence and great customer positioning in critical digital infrastructures.”

Under terms of the deal, Vertiv, a digital infrastructure company, will make an upfront payment of $1.8 billion, consisting of $1.17 billion in cash and $630 million worth of Vertiv shares.

The deal could also include up to an additional $200 million in cash for achieving certain profit milestones.

The transaction has been unanimously approved by Vertiv’s Board of Directors and is expected to close in the fourth quarter of 2021, subject to customary closing conditions.

“The acquisition of E&I represents a key milestone in Vertiv’s strategy, completing our portfolio of in-building power train offerings for data centers and vital commercial and industrial markets,” said Rob Johnson, Vertiv’s Chief Executive Officer.

“We look forward to adding E&I’s highly skilled team members to the Vertiv family.

“Our companies share a strong culture of engineering excellence and innovation and a passion for serving our customers with differentiated products and service.”

E&I Engineering to be bought in $2 billion deal was last modified: September 8th, 2021 by cassoscoop

Tags:
BurnfootChairmanCHIEF EXECUTIVE OFFICERCO DONEGALDERRY CITY FOOTBALL CLUBE&I Engineering to be bought in $2 billion dealOhio-basedPHILIP O'DOHERTYRob JohnsonVertiv
ShareTweet
cassoscoop

LEAVE A COMMENT

You may also like

Eastwood: Recall parliament to resolve cost of...

15 hours ago

Derry projects benefit from IFI funding

19 hours ago

Trader applications urged as Guildhall Craft Fair...

20 hours ago

Durkan: Mortgage support scheme crucial to help...

21 hours ago

Eastwood: Ministers must set out cost of...

21 hours ago

Exhibition marks Bishop Edward Daly as ‘Man...

3 days ago

World-Class Music is coming to St Columb’s...

4 days ago

Dundalk v Derry City: We want to...

4 days ago

Eastwood urges clarity around £400 energy bills...

4 days ago

‘New figures show need for improved mental...

4 days ago

Keep in touch

Facebook Twitter Email

Features

  • Derry cancer survivor Noeleen McMorris reveals importance of awareness

    July 25, 2022
  • Competition! Win tickets to Northern Ireland v England Women’s Euro 2022 match

    June 17, 2022
  • Glenapp Castle: Only a few miles from home but a million miles away

    December 20, 2021
  • DD Travel Feature: The Unsung Shores of Portugal

    November 12, 2021
  • Derry meeting led young Donegal woman to high profile murder

    July 16, 2021

Courts

  • Man convicted of Derry sex offences found dead in van

    August 6, 2022
  • ‘Victims in criminal justice system latest casualties of Stormont dysfunction’

    August 4, 2022
  • Man to face Derry over cannabis dealing offences

    August 4, 2022
  • Derry protest over Noah Donohoe Public Interest Immunity Certificate

    August 2, 2022
  • Man refused bail over Derry ‘scissors’ stabbing incident

    July 30, 2022

Donegal Daily

  • Breaking: Tragedy as well-known Donegal man drowns on holiday

    11 hours ago
  • Almost 300 weekend patients at Letterkenny A&E leads to long delays

    12 hours ago
  • Actor Matthew Broderick cheers on Kilcar’s future GAA stars

    16 hours ago

Read More

  • News
  • Sport
  • Courts
  • Jobs
  • Features
  • Business
  • Politics

Information

  • Contact Us
  • About
  • Advertise WIth Us
  • Privacy Policy
  • Disclaimer
  • Terms & Conditions
Derry Daily

© 2022 Derry Daily. All rights reserved.


Back To Top

Posting....