Eaton completes purchase of majority stake in Ulusoy Elektrik

Eaton Corporation has completed the purchase of an 82.28% stakes in Turkish electrical equipment manufacturer Ulusoy Elektrik. 

The deal represents the entire shareholding of both privileged and ordinary shares of sellers Sait Ulusoy, Kubilay Hakki Ulusoy, Enis Ulusoy and Akgul Ulusoy, and accounts for 90.153% of the outstanding voting rights. The Turkish capital markets legislation requires Eaton to file an application to execute a mandatory tender offer for the remaining shares.

Ulusoy Elektrik Imalat Taahhüt ve Ticaret A.S. designs, manufactures, and sells solutions for electricity generation, transmission, and distribution systems primarily in Turkey. It offers metal enclosed modular, metal clad, and insulated switchgears; and compact transformer substations, medium voltage distribution transformers and switchgear components, medium voltage cable accessories, low voltage switch-fuse disconnectors, railway overhead line equipment, overhead line feeder automation products, and energy network tracking and control systems.