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3 Firms Steer $400M Deal For PE-Backed Embedded Power Biz

Law360 (May 15, 2019, 1:56 PM EDT) -- Private equity firm Platinum Equity has agreed to sell the embedded power unit of Artesyn Embedded Technologies Inc. to Advanced Energy Industries for roughly $400 million, the companies said Wednesday, in a deal guided by Morgan Lewis, Baker McKenzie and Foley & Lardner.

Under the terms of the transaction, Fort Collins, Colorado-based Advanced Energy Industries Inc. will pay about $364 million in cash while assuming roughly $36 million in Artesyn debt, according to a statement. The company plans to pay for the deal using existing cash and available capital from a $350 million credit facility.

For Advanced Energy, the deal adds...

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