SPX Corporation to Acquire ELXSI Corporation

SPX Corporation entered into a definitive merger agreement to acquire ELXSI Corporation for $51 per share in cash. The transaction is structured as a merger of a wholly owned SPX subsidiary into ELXSI, with ELXSI surviving. The deal is subject to customary closing conditions including HSR clearance.

“On April 22, 2018, SPX Corporation (“SPX”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with ELXSI Corporation, a Delaware corporation (“ELXSI”), and SPX Poolco 2018, Inc., a Delaware corporation and a wholly owned subsidiary of SPX (“Merger Sub”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into ELXSI (the “Merger”), with ELXSI as the surviving corporation in the Merger.”

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