WASHINGTON (dpa-AFX) - Westinghouse Air Brake Technologies Corp. (WAB), or Wabtec, Tuesday announced the decision to acquire Evident's Inspection Technologies division for $1.78 billion. The transaction is anticipated to be slightly accretive to adjusted earnings per share in the first year.
The deal is expected to bolster the company's entry into high growth industrial markets and help accelerate the innovation of scalable technologies, leverage software development expertise, as well as boost operational performance.
The transaction is also anticipated to extend Wabtec's Digital Intelligence business growth opportunities, increasing the size of its total addressable market from roughly $8 to $16 billion.
The Boston-based Inspection Technologies division is estimated to provide immediate shareholder value with a high single-digit revenue growth outlook, accretive adjusted EBIT margins, and accretive return on invested capital over time.
Also, the transaction, expected to close by the end of the first half of 2025.
In the pre-market hours, Wabtec's stock is trading at $192.05, up 0.11 percent on the New York Stock Exchange.
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