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Diversified industrial manufacturer Eaton Corp. (NYSE: ETN), Dublin, Ireland, has completed the previously announced acquisition of 82.275% controlling interest in Turkish switchgear manufacturer Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S. (IST:ULUSE). The purchase price for the shares is roughly $214 million, on a cash and debt-free basis, the company said.
The deal complements Eaton’s IEC portfolio and strengthens its business in tailored medium-voltage solutions, the company said. As required by the Turkish capital markets legislation, Eaton now plans to file an application to execute a mandatory tender offer for the remaining shares.