Enpro acquires NxEdge for $850M; adds semiconductor cleaning/coating capabilities

Enpro Inc.

Purchase price $850M cash; financed with cash, revolver, and term loan; net leverage ~3.7x post-close.
NxEdge expected ~$190M revenue and ~$70M adjusted EBITDA in 2021.
Deal immediately accretive; 2022 adjusted EPS contribution ~$1.70, 30% above 2021 EPS guide midpoint.
Closing expected by end-2021, subject to HSR and customary conditions; CPI sale (Q1 2022) to reduce leverage to 3.3x.
NxEdge serves top-tier semiconductor IDMs and OEMs from six U.S. facilities; vertically integrated across value chain.

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