Indian engineering KEC International has acquired US towers builder SAE Towers Holdings for about $95m, according to reports.
KEC will buy the steel lattice transmission towers maker from US private equity firm Acon Investments.
The company, which…
Indian engineering KEC International has acquired US towers builder SAE Towers Holdings for about $95m, according to reports.
KEC will buy the steel lattice transmission towers maker from US private equity firm Acon Investments.
The company, which reported a 31% decline in profit in the three months through June, wants to tap business in Latin America, where economies such as Brazil are expanding 8.8%. The acquisition will help boost earnings in the year ending March 31, KEC said in the statement.
“SAE Towers has a significant presence in geographic areas which are of substantial interest to KEC,” Ramesh Chandak, managing director of KEC, said.
“We expect to leverage SAE Towers’ existing customer relations for KEC’s other business segments.”
The deal, which is expected to close in September, would be on a cash-free, debt-free basis. Sagent Advisors and Daiwa Capital Markets were the financial advisers to KEC International, while SAE Towers was advised by Harris Williams & Company.
Acon and KEC were not available for further comment at the time of going to press.
