ABB Group announced the acquisition of Bernecker + Rainer Industrie-Elektronik GmbH (B&R), the largest independent provider focused on product and software-based, open-architecture solutions for machine and factory automation worldwide. Founded in 1979, B&R generates sales of more than $600 million (2015/16) in the $20 billion machine and factory automation market segment. Through the acquisition, ABB expands its leadership in industrial automation and will be uniquely positioned to seize growth opportunities resulting from the fourth industrial revolution. “B&R is a gem in the world of machine and factory automation and this combination is a once-in-a-lifetime opportunity. This transaction marks a true milestone for ABB Group, as B&R will close the historic gap within ABB Group’s automation offering. This is a perfect fit and will make us the only industrial automation provider offering customers the entire spectrum of technology and software solutions around measurement, control, actuation, robotics, digitalisation and electrification,” said Ulrich Spiesshofer, CEO, ABB Group.
The transaction multiple is in line with peer valuations. The parties agreed not to disclose the purchase price. ABB Group will finance the acquisition in cash. The transaction is expected to be operationally EPS accretive in the first year, and is expected to add significant synergies of about 8 per cent of B&R's stand-alone revenue in year four. The transaction is expected to close in summer 2017, subject to customary regulatory clearances.
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