ESCO Technologies to Acquire Utility Technology Supplier Altanova for Undisclosed Terms

ESCO Technologies Inc ESE inked an agreement to acquire advanced condition assessment technologies supplier I.S.A Altanova Group S.R.L.
The financial terms of the transaction were not disclosed.
Altanova offers a wide range of diagnostic products, monitoring systems, and services for electrical assets related to power generation, transmission and distribution networks, renewable energy and storage, and process industries globally.
Altanova, which will become part of the ESCO's Utility Solutions Group (USG) operating segment, reported 2020 calendar year sales of $30 million with operating margins slightly above the USG segment in total.
Altanova CEO Gino Amadi will remain with the company post-closing.
ESCO held $45.7 million in cash and equivalents as of March 31, 2021.
Price action: ESE shares are down 0.22% at $95.68 on the last check Thursday.