Eaton in talks to buy Turkish transformer manufacturer

Turkey, Istanbul: U.S. power management company Eaton Corporation is negotiating a takeover of Turkey’s Ulusoy Elektrik for around $300 million, Reuters cites two sources.

Ulusoy Elektrik is a manufacturer of electrical equipment used in power distribution systems including distribution transformers, compact transformer stations, switchgears and overhead line equipment.

The transaction would see Eaton acquire more than 80 percent of the Turkish manufacturer from members of the founding family, and launch a tender offer to minority shareholders for the remaining stake, reports Reuters.

Source: Reuters