- The Shaw Group, Baton Rouge, La., recently entered into a definitive agreement to sell substantially all of the assets of its transmission and distribution engineering business, Shaw Energy Delivery Services (EDS), to Pike Electric, Mount Airy, N.C., for approximately $24 million in cash. Under the terms of the agreement, expected to be completed in Shaw’s fourth quarter fiscal year 2008, Pike Electric will acquire substantially all of the assets and assume a majority of the liabilities of EDS, subject to customary closing conditions.
- Atlanta-based Acuity Brands recently announced that its wholly owned subsidiary, Acuity Brands Technology Services (ABTS) recently acquired for cash substantially all the assets of Guardian Networks, Kennesaw, Ga. Guardian will become an integral part of ABTS’ Remote Operations Asset Management (ROAM) business platform, a provider of streetlight monitoring, combining photocontrols, wireless communications, diagnostics, and network management services to establish connectivity between lighting systems and their owners/operators.
- Little Neck, N.Y.-based Leviton Manufacturing Co. recently purchased a 29.1% minority interest in its stock that has been held by Thomas & Betts Corp., Memphis, Tenn., since 1994, for a cash tender of approximately $300 million. Leviton’s purchase of Thomas & Betts’ minority interest in its stock secures its long-term strategic objective of the restoration of total ownership of the company to the Leviton family and continuation of its policy to remain privately held and operated.
Business Briefs for the Week of June 23, 2008
Shaw Group, ABTS, Leviton