Pioneer Power Solutions (PPSI) said Wednesday it has sold its electrical infrastructure business Pioneer Custom Electrical Products to private equity firm Mill Point Capital for $50 million.
The consideration consists of $48 million in cash and $2 million in equity of Pioneer Investment and the assumption of certain liabilities, Pioneer Power said.
Pioneer Power said it will get a minority stake in Voltaris Power, which Mill Point formed by combining Pioneer Custom Electrical Products with Jefferson Electric. Mill Point acquired Jefferson Electric in a separate transaction, according to the statement.
Shares of Pioneer Power were up more than 4% in recent Wednesday trading.
Price: 6.60, Change: +0.27, Percent Change: +4.27
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