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Steel Partners Holdings Announces Closing of Sale of Subsidiary to Advanced Energy Industries
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Steel Partners Holdings L.P. (NYSE: SPLP) has successfully completed the sale of its subsidiary, SL Power Electronics Corporation, to Advanced Energy Industries, Inc. (NASDAQ: AEIS). The transaction value is approximately $144.5 million, subject to customary purchase price adjustments. SL Power Electronics specializes in power conversion solutions for sectors including medical, lighting, and industrial.
White & Case LLP acted as legal counsel for this transaction, signaling a strategic realignment for Steel Partners as it focuses on its core business interests.
Positive
Sale of SL Power Electronics Corporation generates $144.5 million for SPLP, enhancing liquidity.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Steel Partners Holdings L.P. (NYSE: SPLP), a diversified global holding company, today announced that it has closed on its previously announced transaction for the sale of its subsidiary, SL Power Electronics Corporation, to Advanced Energy Industries, Inc. (Nasdaq: AEIS). SL Power Electronics Corporation designs, manufactures, and markets power conversion solutions for original equipment manufacturers in the medical, lighting, audio-visual, controls, and industrial sectors. The total consideration for the sale was approximately $144.5 million, subject to purchase price adjustments customary for this type of transaction.
White & Case LLP served as legal counsel to Steel Partners Holdings.
About Steel Partners Holdings L.P.
Steel Partners Holdings L.P. (www.steelpartners.com) is a diversified global holding company that owns and operates businesses and has significant interests in leading companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports.
