nVent Electric to buy Maverick Power for $1.75 billion to expand data center offerings
The logo for nVent Electric plc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 1, 2018. REUTERS/Brendan McDermid
Aug 24 : nVent Electric said on Monday it would acquire data center equipment maker Maverick Power for $1.75 billion as it looks to expand its presence in a booming AI infrastructure market.
Electrical equipment and systems suppliers like nVent have benefited as companies ramp up investment to support the rapid expansion of AI computing capacity, with CEO Beth Wozniak saying the Maverick acquisition will add power distribution capabilities and strengthen its offerings to data center customers.
• The deal also includes a potential additional consideration of up to $550 million in cash if Maverick achieves certain performance targets in 2027 and 2028, nVent said.
• McKinney, Texas-based Maverick Power makes engineered power distribution and infrastructure solutions, including low- and medium-voltage switchgears and switchboards, and integrated modular solutions.
• nVent expects to fund the deal with a combination of cash on hand and new debt.
• The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory approval.
• Shares of London-based nVent were down 1.3 per cent in premarket trading.
