By Colin Kellaher
Acuity Brands has struck a deal to buy privately held QSC, the provider of a cloud-manageable audio, video and control platform, for about $1.215 billion.
Acuity on Thursday said it plans to fund the deal, slated to close by the end of February, with cash on hand and $600 million of term loan financing.
The Atlanta industrial-technology company said the transaction, worth $1.1 billion net of roughly $100 million of expected tax benefits, carries a net purchase price of about 14 times QSC's earnings before interest, taxes, depreciation and amortization for the 12 months ended Aug. 31.
Acuity said QSC's platform includes controls, sensors and software with applications across multiple end-markets, including education, commercial, hospitality, government, healthcare and transportation.
QSC, based in Costa Mesa, Calif., had sales of about $535 million for the 12 months ended Aug. 31, while Acuity generated sales of $3.84 billion for the same period.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 24, 2024 09:45 ET (13:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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