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HUBB

Hubbell

$135.23

0.01 (0.01%)

07:32
12/26/17
12/26
07:32
12/26/17
07:32

Hubbell to acquire Aclara Technologies for $1.1B

Hubbell announced that it has entered into a definitive agreement to acquire Aclara Technologies, an affiliate of Sun Capital Partners for approximately $1.1B in an all- cash transaction. The transaction strengthens and broadens Hubbell Power Systems' competitive position across utility markets. The acquisition will combine the complementary strengths of Aclara and Hubbell Power Systems, providing the opportunity to integrate Aclara's strong customer relationships and smart infrastructure solutions into the Hubbell portfolio and accelerate ongoing innovation efforts to address utility customer demand for data and integrated solutions. Aclara offers a comprehensive suite of solutions, including advanced metering infrastructure, meters and edge devices, software, and installation services. Aclara reported revenues of $500M and adjusted EBITDA of $90M for the fiscal year ended September 30, 2017. The transaction is expected to be accretive in 2018 to Hubbell's diluted EPS, excluding intangible amortization and deal related costs, and in 2019 on a GAAP basis. Further, Hubbell expects to maintain an investment grade rating. Hubbell has obtained fully committed bridge financing from J.P. Morgan Securities, BofA Merrill Lynch, and HSBC Securities. Hubbell expects its debt-to-adjusted EBITD ratio to be 3.1x at the close of the transaction, and anticipates reducing this ratio over the next few years. The transaction, which is expected to be completed in 1Q18, is subject to the satisfaction of customary closing conditions, including U.S. antitrust clearance.

HUBB Hubbell
$135.23

0.01 (0.01%)

06/19/17
JMPS
06/19/17
INITIATION
JMPS
Market Perform
Hubbell initiated with a Market Perform at JMP Securities
JMP Securities analyst Joseph Osha started coverage of Hubbell with a Market Perform rating.
07/11/17
WOLF
07/11/17
INITIATION
WOLF
Peer Perform
Hubbell initiated with a Peer Perform at Wolfe Research
09/20/17
CLVD
09/20/17
NO CHANGE
CLVD
Hubbell survey indicates improved August activity, says Cleveland Research
Cleveland Research analyst Joe Calvello said electrical distributor survey results improved to up approximately 4.5% in August from 2% in July. However, the analyst said quarter-to-date sales are trending up 3%, below Q2's trend of 4%. The analyst maintained his FY17 earnings estimate of $5.55, versus consensus of $5.51, saying longer term risk of slower large project activity and plateauing effect across electrical markets limit upside to numbers. Calvello rates Hubbell shares a Neutral
12/20/17
WELS
12/20/17
NO CHANGE
Target $143
WELS
Outperform
Hubbell price target raised to $143 from $136 at Wells Fargo
Wells Fargo analyst Rich Kwas raised his price target for Hubbell $143 from $136 as he believes tax reform is a positive for most of his coverage, especially small-mid cap names that are U.S.-domiciled and have overwhelming U.S. revenue/earnings exposure like Hubbell. The analyst reiterates an Outperform rating on the shares.

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