Power management company Eaton (NYSE:ETN) announces it has signed an agreement to acquire Tripp Lite, a leading supplier of power quality products and connectivity solutions.

Founded nearly 100 years ago, Chicago-based Tripp Lite offers single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, and communications markets in the Americas.

Under the terms of the agreement, Eaton will pay $1.65 billion for the company, which represents approximately 12 times Tripp Lite’s 2020 EBITDA and 11 times estimated 2021 EBITDA, according to an announcement.

“The acquisition of Tripp Lite will enhance the breadth of our edge computing and distributed IT product portfolio and expand our single-phase UPS business,” says Uday Yadav, president and chief operating officer, Electrical Sector, Eaton. “We look forward to welcoming Tripp Lite to the Eaton family.”

The acquisition, which is subject to customary closing conditions, is expected to close mid-2021.

From Ordinary to Extraordinary: The Art and Science of Landscape Lighting Design

We are thrilled to present a lecture topic that delves into the connection between light and our surroundings, exploring how landscape lighting can transform a space from ordinary to extraordinary. Our keynote speaker, Janet Lennox Moyer, will share her extensive knowledge on the complexities of landscape lighting in design, commissioning, and maintenance and provide participants with the tools to identify good versus bad practices and techniques. Join us for an enlightening session that will unlock the secrets to success in landscape lighting design with one of the industry's most respected experts, Janet Lennox Moyer. Register Now! 

Eaton’s 2019 revenues were $21.4 billion. The company sells products to customers in more than 175 countries and has approximately 92,000 employees.

In October, Eaton says it became the first power management company in the industry to have UPS connectivity devices certified to meet both the UL 2900-1 and International Electrotechnical Commission (IEC) 62443-4-2 cybersecurity standards, for its Gigabit network card and industrial gateway card.

This article originally appeared on our sister publication Security Sales & Integration‘s website.