KEC to acquire US-based SAE Towers

KEC International is all set to acquire US-based SAE Towers Holding for USD 95 million.

RPG Group company KEC International is all set to acquire US-based SAE Towers Holding for USD 95 million (Rs 437 crore) for strengthening its presence in the North and South American markets.

“KEC International’s Board has approved the proposal to acquire US-based SAE Towers Holdings,a limited liability company and its subsidiary companies in Brazil,Mexico and USA,” a company release today said.

KEC International would acquire SAE Towers Holdings for a purchase consideration of USD 95 million,it said.

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The transaction is expected to close this month,subject to regulatory approvals and customary closing conditions. KEC International is a power transmission engineering,procurement and construction company.

SAE Towers is engaged in manufacturing and supply of power transmission towers,related hardware,sub-station structures and poles for power transmission.

SAE Tower’s management team and employees will continue with the company,it added.

“This acquisition will strengthen KEC’s global leadership position in the large and growing markets of North America and Latin America,” KEC International Managing Director & CEO Ramesh Chandok said.

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Shares of KEC International were trading at Rs 499.85,up 2.79 per cent on the BSE.

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