Power management company Eaton (NYSE: ETN), Dublin, Ireland, on Friday announced it has agreed to acquire Tripp Lite, a Chicago-based power and connectivity solutions provider, for $1.7 billion.

The acquisition of Tripp Lite, which is nearly 100 years old, is expected to close in mid-2021. Eaton’s purchase price represents approximately 12 times Tripp Lite’s 2020 EBITDA and 11 times estimated 2021 EBITDA.

“The acquisition of Tripp Lite will enhance the breadth of our edge computing and distributed IT product portfolio and expand our single-phase UPS business,” said Uday Yadav, president and chief operating officer, Electrical Sector, Eaton. “We look forward to welcoming Tripp Lite to the Eaton family.”