Brookfield Asset Management
Assembly Line
nVent Announces Agreement to Sell Thermal Management Business
nVent Electric plc (NYSE: NVT), a global leader in electrical connection and protection solutions, announced that it has entered into a definitive agreement to sell its Thermal Management business, which includes the industry-leading RAYCHEM and TRACER brands, to funds managed by Brookfield Asset Management for a cash purchase price of $1.7 billion, subject to customary closing adjustments.
nVent expects net after-tax proceeds from the transaction to be approximately $1.4 billion and intends to use the proceeds for acquisitions and share repurchases. The transaction is expected to close by early 2025, subject to customary conditions, including regulatory approvals.