Bel Fuse agrees to buy 80% of Enercon Technologies for $320M plus earnout

BEL FUSE INC /NJ

Purchase price $320M at closing plus up to $10M earnout based on Enercon's EBITDA targets for fiscal 2025 and 2026.
Remaining 20% stake subject to put-call mechanism; initial call option ~$80M plus 6% interest; deferred option based on 10.65x 2026 EBITDA.
Financing through cash on hand and $150M increase of existing credit facility to $325M from KeyBank, BofA, BMO, PNC.
Closing expected by end of 2024, subject to regulatory approvals and customary conditions.
Enercon supplies power conversion and networking solutions to aerospace & defense markets globally.

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