Vertiv completes acquisition of UtilityInnovation Group

Vertiv, the NYSE-listed critical digital infrastructure company, said its subsidiary Vertiv Corporation has completed its acquisition of Utility Innovation Holdings, which operates as UtilityInnovation Group (UIG). The upfront price is about $1.45 billion in cash, with up to $1.15 billion more in cash tied to EBITDA targets over 12- and 24-month periods.

Vertiv said the purchase price represents about 13 times expected UIG 2027 EBITDA, and that the multiple would be significantly lower if the full earnout is paid. The company expects the deal to be accretive to adjusted earnings per share in the first year after completion. UIG is headquartered in Raleigh, North Carolina, with European headquarters in Dublin.

Vertiv CEO Giordano Albertazzi said the deal extends Vertiv's portfolio upstream to grid interconnection and onsite power sources, helping customers secure power faster without relying on a single generation technology or supplier. Morgan Stanley and Davis Polk advised UIG, while J.P. Morgan and Buchanan Ingersoll & Rooney advised Vertiv.