Hubbell sells Commercial & Industrial Lighting business to GE Current for $350M cash

HUBBELL INC

Purchase price of $350M in cash, subject to customary working capital and net indebtedness adjustments.
Business generated approximately $515M in sales in 2020; designs LED lighting and controls for C&I customers.
Transaction expected to close in Q1 2022, pending regulatory approvals and customary conditions.
Net proceeds to be deployed toward accretive bolt-on acquisitions and share repurchases.
CEO says sale creates more focused portfolio with higher growth and margin characteristics.

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