08:21 AM EDT, 10/29/2024 (MT Newswires) -- Standex International ( SXI ) said Tuesday it acquired Amran Instrument Transformers and Narayan Powertech for about $462 million in cash and stock.

The company said the separate deals consist of cash payments of 85% and 90% for Amran and Narayan, respectively. The 10% share exchange related to Narayan Powertech is subject to India regulatory approval, which is expected to take up to six months, Standex ( SXI ) said.

The combined businesses are expected to generate around $100 million in 2024 revenue, Standex ( SXI ) added.

Standex ( SXI ) also said it financed the acquisitions with cash, existing credit, and a $250 million term loan, which it plans to convert into a long-term facility.

Shares of Standex ( SXI ) were down 1.8% in recent Tuesday pre-bell activity.

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