Turkey's Ulusoy Elektrik sold 82.275 percent of its controlling interest to Dublin-based power management company Eaton Corporation, Ulusoy announced on Friday.
The company, which is based in Turkish capital Ankara, said the share purchase price amounts to approximately $214 million on a cash and debt-free basis. The transaction also accounts for 90.15 percent of the voting rights.
Ulusoy Elektrik was founded in 1985 to produce a wide range of electrical equipment for medium-voltage electricity distribution networks and industrial plants.
With a staff of over 700 employees and over 100 specialist engineers, Ulusoy Elektrik carries out all its product design, development, and research & development activities on-site in Ankara.
Eaton Corporation is a power management company made up of over 98,000 employees, doing business in more than 175 countries. They provide energy-efficient products and services to help customers manage electrical, hydraulic and mechanical power more reliably, efficiently, safely and sustainably, according to the company's website.
By Murat Temizer