nVent Electric to sell Thermal Management business to Brookfield for $1.7B

nVent Electric (NVT) 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 (BAM) for a cash purchase price of $1.7B, subject to customary closing adjustments. With 2023 sales of $595M and approximately 1,700 employees around the world, Thermal Management is a leader in mission critical electrical thermal solutions. The sale will enable Thermal Management to further build on its leading positions and differentiated solutions to drive growth across its verticals and expand with the energy transition .nVent expects net after-tax proceeds from the transaction to be approximately $1.4B 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.