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EX - 99.1 3 d213876dex991.htm EX - 99.1 ● News Release Vertiv to Acquire the E & I Engineering Group Strategic Transaction Significantly Expands Vertiv's Offering ; Vertiv Also Updates Business Conditions Exhibit 99.1 VERTIV Meaningfully completes Vertiv's data center offering by adding a leading independent provider of switchgear , busway and modular power solutions ; Expands Vertiv's addressable market by $ 7 billion , entering an attractive global market growing at mid - single digits ; Expected to be accretive to Vertiv's organic growth , adjusted operating margins , cash flow and adjusted EPS ; and Core Vertiv business continues to see robust order and backlog growth but supply chain disruptions have accelerated ; updating guidance to reflect latest market conditions . Columbus , Ohio Sept. 8 , 2021 - Vertiv Holdings Co ( " Vertiv " ) ( NYSE : VRT ) , a global provider of critical digital infrastructure and continuity solutions , today announced that through its subsidiaries , it has entered into a definitive agreement to acquire E & I Engineering Ireland Limited and its affiliate , Powerbar Gulf LLC ( “ E & I ” ) for approximately $ 1.8 billion in upfront consideration plus the potential for up to $ 200 million in cash , based on achieving certain 2022 profit milestones . The upfront consideration consists of $ 1,170 million in cash and approximately $ 630 million of Vertiv common stock . The transaction has been unanimously approved by Vertiv's Board of Directors and is expected to close in the fourth quarter of 2021 , subject to customary closing conditions . Founded in 1986 by Philip O'Doherty , E & I is a leading independent provider of electrical switchgear and power distribution systems , pioneering unique in - house integrated power solution designs and technology tailored to individual client project needs . With annual sales of approximately $ 460 million ( 2021E ) and 2,100 employees , E & I has a long heritage in the power distribution market and deep relationships with a blue - chip customer base in more than 30 countries . E & I's products represent a critical system of the data center power infrastructure and compete in an addressable market of about $ 7 billion , which is expected to grow 5 % annually through 2025 . “ The acquisition of E & I represents a key milestone in Vertiv's strategy , completing our portfolio of in - building power train offerings for data centers and vital commercial and industrial markets , " said Rob Johnson , Vertiv's Chief Executive Officer . " The combination will amplify Vertiv's growth opportunities and profitability , while enabling Vertiv to deliver differentiated solutions that manage a customer's entire power infrastructure as an integrated system . We look forward to adding E & I's highly skilled team members to the Vertiv family . Our companies share a strong culture of engineering excellence and innovation and a passion for serving our customers with differentiated products and service . " 1 " While this deal marks the first acquisition by Vertiv since becoming a public company , our team has thoughtfully followed acquisition best practices during the process of identification , valuation , due diligence and integration planning . E & I represents a unique opportunity for Vertiv and it fits well in the Vertiv portfolio . I am excited about the potential of these two great businesses coming together as one , " said Dave Cote , Vertiv's Executive Chairman .