SPX Corporation to Divest Transformer Solutions for $645 Million

SPX Corporation has entered into a definitive agreement to sell its wholly owned subsidiary, SPX Transformer Solutions, Inc., to GE-Prolec Transformers, Inc. for an aggregate purchase price of $645 million. The transaction is expected to close in the latter half of 2021, subject to customary closing conditions including HSR Act clearance.

“On June 8, 2021, SPX Corporation (the “Company”) and its direct, wholly owned subsidiary, SPX Transformer Solutions, Inc. (“Transformer Solutions”), entered into a Stock Purchase Agreement dated as of June 8, 2021 (the “Purchase Agreement”) with GE-Prolec Transformers, Inc. (the “Purchaser”) and Prolec GE Internacional, S. de R.L. de C.V. (the “Guarantor”) pursuant to which the Company has agreed to transfer all of the outstanding common stock of Transformer Solutions to the Purchaser for an aggregate purchase price of $645 million (the “Transaction”).”

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