British maker of electrical connection and protection products nVent Electric announced Aug. 24, that it is acquiring McKinney-based Maverick Power, which manufactures power distribution and infrastructure equipment for data centers, for $1.75 billion cash.
Jackson Walker advised Maverick Power with a team led by Dallas partners Richard Waggoner and Natalie Kosydar. Kyle Hooper, Sami Landon, Adie Hobbs, Larry Glasgow and Pete Hyndman also provided counsel from Dallas. Foley & Lardner provided outside legal counsel to nVent from Milwaukee with a team led by John Wilson.
nVent said the deal also includes another $550 million cash upon achievement of certain performance metrics over the next two years. The company said Bank of America provided the bridge financing needed for the transaction. The companies expect to close the deal by Dec. 31.
Maverick Power CEO Tom Currier said the combined company will deliver a broader power and cooling portfolio for data center customers.
“Maverick Power is a great fit for nVent and aligns with our strategy to focus on the high-growth infrastructure vertical,” nVent CEO Beth Wozniak said in a news release. “Maverick Power brings strong power distribution expertise and broadens our offerings to data center customers. We look forward to welcoming the Maverick Power team to nVent and together inventing the electrified future.”