Eaton to Acquire Souriau-Sunbank for $920M

Eaton to Acquire Souriau-Sunbank for $290M | Coventry League Capital Partners | Blogentary | July 2019

Key takeaways from Benzinga, Crain’s Cleveland Business, and Seeking Alpha, which commented about today’s M&A announcement concerning Eaton to acquire Souriau-Sunbank Connection Technologies, a business unit of TransDigm Group:

  • Power management company Eaton Corporation plc (NYSE: ETN) today (22 July 2019) announced it has committed to acquire the Souriau-Sunbank Connection Technologies business of TransDigm Group (NYSE: TDG) Incorporated for $920 million, which represents a trailing 12-month EBITDA multiple of approximately 12x.
  • The transaction is expected to close by the end of 2019 and be accretive to adjusted earnings per share in 2020.
  • Headquartered in Versailles, France, Souriau-Sunbank had sales of $363 million for the trailing 12-month period ending June 30, 2019.
  • Souriau-Sunbank is a global supplier of highly-engineered interconnect solutions for harsh environments serving customers primarily in aerospace, defense and space end markets.
  • TDG had acquired Souriau-Sunbank earlier this year as part of the Esterline Technologies acquisition.
  • Eaton is a power management company with 2018 sales of $21.6 billion.
  • Transdigm designs, produces, and supplies aircraft components in the United States and internationally with 2018 sales of about $3.8 billion.

And, if you want a handy little reference to some of the acquisitions and divestitures by Transdigm, then visit AeroWeb, a Forecast International subsidiary. It is a great Aerospace & Defense industry resource.

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