07:00 AM EDT, 08/01/2024 (MT Newswires) -- nVent Electric ( NVT ) said Thursday it has agreed to sell its Thermal Management business to funds managed by Brookfield Asset Management ( BAM ) for $1.7 billion.

nVent expects net after-tax proceeds of about $1.4 billion, which it plans to use for acquisitions and share buybacks, the company said.

The deal is expected to close by early 2025, subject to customary conditions.

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