Vontier to acquire DRB Systems for ~$965M; Q2 core growth and adjusted EPS above guidance

Vontier Corp

Acquisition of DRB Systems for ~$965M in cash; expected to close in Q3 2021.
DRB 2021E revenue ~$170M (~40% recurring), mid-20% operating margins, high-single digit LT growth.
Deal expected accretive to earnings and FCF in 2022; 10% ROIC targeted by year 5.
Q2 2021 core revenue growth and adjusted EPS above prior guidance; driven by Retail Solutions and Auto Repair.
Purchase price includes ~$130M deferred tax asset; financing via cash and credit facilities.

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