Hubbell Completes $3 Billion Acquisition of NSI Industries
HUBB sits 28% above its 52-week low of $380.86.
Summary
Hubbell has completed its previously announced $3 billion all-cash acquisition of NSI Industries. This finalizes the strategic move first announced on May 4th, which Hubbell financed through a combination of a $900 million term loan and a $1.9 billion senior notes offering. The completion removes any remaining deal uncertainty and allows Hubbell to begin integrating NSI, a move expected to contribute to future earnings growth.
At the time of this announcement, HUBB was trading at $486.47 on NYSE in the Manufacturing sector, with a market capitalization of approximately $25.7B. The 52-week trading range was $380.86 to $565.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.