Power management company Eaton (NYSE: ETN) on Jan. 29 announced it has signed an agreement to acquire Tripp Lite, a major supplier of power quality and connectivity products, including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, as well as the industrial, medical, and communications markets in the Americas.

Under the terms of the agreement, Eaton will pay $1.65 billion for Tripp Lite, which represents approximately 12 times Tripp Lite’s 2020 EBITDA and 11 times estimated 2021 EBITDA.

“The acquisition of Tripp Lite will enhance the breadth of our edge computing and distributed IT product portfolio and expand our single-phase UPS business,” said Uday Yadav, president and chief operating officer, Electrical Sector, Eaton. “We look forward to welcoming Tripp Lite to the Eaton family.”

Founded nearly 100 years ago, Tripp Lite is headquartered in Chicago, Illinois. The acquisition, which is subject to customary closing conditions, is expected to close mid-2021.

For more information, visit www.Eaton.com.