Bel Fuse Inc

NASDAQ:BELFAUnited States

Nov 14, 2024

Show headlines and story abstract

• Bel Fuse Acquires 80% Stake in Enercon Technologies, from 9:09AM ET on Thursday Nov 14, 2024 by MT Newswires

  9:09AM ET on Thursday Nov 14, 2024 by MT Newswires
  Companies Mentioned: BELFA, BELFB
  09:09 AM EST, 11/14/2024 (MT Newswires) -- Bel Fuse (BELFA, BELFB) said Thursday it completed its acquisition of an 80% stake in Enercon Technologies from Fortissimo Capital, valuing the target company at $400 million. The company said it paid $320 ...

• Bel Closes Its Previously Announced Acquisition of Enercon Technologies, from 7:30AM ET on Thursday Nov 14, 2024 by Dow Jones

  7:30AM ET on Thursday Nov 14, 2024 by Dow Jones
  Companies Mentioned: BELFA, BELFB
  
  Bel Closes Its Previously Announced Acquisition of Enercon Technologies
  
  Acquired 80% Stake Upfront with Intent to Purchase Remaining 20% by Early 2027
  
  WEST ORANGE, N.J., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Bel Fuse Inc. ("Bel, " or, "the Company") (Nasdaq:BELFA and Nasdaq:BELFB), announced today that it has closed the previously announced majority stake acquisition of Enercon Technologies, Ltd. ("Enercon") from Fortissimo Capital based on an enterprise value of $400 million. Bel has acquired an 80% stake upfront for $320 million (subject to customary adjustments), plus up to $10 million of potential earnout payments for the 2025-2026 period, with the intent to purchase the remaining 20% by early 2027 based on future EBITDA performance. The transaction was funded through utilization of cash on hand of approximately $80 million, with approximately $240 million provided through incremental borrowings under the Company's revolving credit facility.