09:56 AM EST, 12/23/2024 (MT Newswires) -- SPX Technologies ( SPXC ) said Monday it has agreed to acquire Kranze Technology Solutions for about $350 million in cash.

The deal, expected to close in Q1 2025, will add KTS to SPX's Communication Technologies platform within its Detection & Measurement segment, the company said.

KTS is expected to generate around $90 million in 2025 revenue with margins and growth rates slightly above the segment average, SPX said, adding that the deal is expected to slightly boost SPX's adjusted earnings per share in 2025.

SPX said it plans to fund the acquisition via its revolving credit facility. The deal is subject to regulatory clearance, SPX added.

SPXC shares were 0.3% down in early trading.

Price: 143.18, Change: -0.37, Percent Change: -0.26