Turkey's Ulusoy Elektrik has signed an agreement to transfer around 82.275 percent of its share to the Dublin-based power management company, Eaton Corporation, Ulusoy announced Friday.
The company, based in capital Ankara, said the share purchase price amounted to approximately $214 million on a cash and debt-free basis. The transaction also accounts for 90.15 percent of the voting rights.
It also said that the share purchase price can be changed according to the company's cash position on the share transfer day.
Ulusoy Elektrik was founded in 1985 to produce a wide range of electrical equipment for medium-voltage electricity distribution networks and industrial plants.
With a staff of over 700 employees and over 100 specialist engineers, Ulusoy Elektrik carries out all its product design, development, as well as research and development (R&D) activities on-site in Ankara.
The U.S.-listed Eaton Corporation is a power management company made up of over 98,000 employees, doing business in more than 175 countries. They provide energy-efficient products and services to help customers manage electrical, hydraulic and mechanical power more reliably, efficiently, safely and sustainably, according to the company's website.