Hubbell Inc. said Tuesday it has agreed to buy Aclara Technologies LLC for $1.1 billion in cash. Aclara, an infrastructure solutions provider to water, gas and electric utilities, is an affiliate of Sun Capital Partners Inc. Hubbell, a maker of electrical and electronic products with a market capitalization of $7.4 billion, said it has obtained the bridge financing needed to fund the acquisition, which is expected to close in the first quarter of 2018. “Aclara participates in attractive markets that complement our core with high quality products and talented people,” said Hubbell Chief Executive David Nord. “Together with Aclara, Hubbell will be even better positioned to serve customers through a differentiated smart grid solution and expanded portfolio.” The stock, which was still inactive in premarket trade, has climbed 16% year to date, while the S&P 500 has gained 20%.
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