SPX to Acquire CUES
SPX Corporation has entered into a definitive agreement to purchase CUES, Inc., a leading manufacturer of pipeline inspection and rehabilitation equipment headquartered in Orlando, Fla.
Under the terms of the agreement, a subsidiary of SPX will be merged with CUES’ parent company, ELXSI Corporation. As a result of the merger, stockholders of ELXSI will receive cash consideration equal to $51 per share of common stock outstanding as of the effective time of the merger, or a total of approximately $189 million.
“The combination of CUES with SPX’s Radiodetection business is an excellent fit,” said Sandy Milley, President and CEO of ELXSI. “Bringing together CUES’ strong reputation for high quality pipe inspection equipment and services with SPX’s global footprint and marketing infrastructure is a natural step in taking CUES to the next level of growth and performance. I’m very excited about the numerous opportunities this transaction creates for our employees and customers alike, and personally look forward to working with the SPX team to build an even stronger, more valuable platform.”
The transaction is expected to close in the second quarter of 2018 and is subject to regulatory approval, customary closing conditions, and approval by ELXSI’s stockholders.
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