AZZ Inc., a manufacturer of electrical products and a provider of galvanizing services, said it has entered into an agreement to acquire substantially all of the assets of Nuclear Logistics Inc., a provider of electrical and mechanical equipment and services for enhancing the safety of nuclear facilities.
The asset purchase agreement provides for the acquisition by AZZ of NLI for cash consideration in the amount of $80 million and the assumption of current liabilities plus $4.8 million of notes payable, which will be paid at closing. Additionally, AZZ could be obligated to make an additional payment of up to $20 million to NLI based on the future financial performance of the assets.
The acquisition is expected to close on June 1, 2012.
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