Advanced Energy closes $400M Artesyn acquisition

FORT COLLINS — Advanced Energy Industries Inc. (Nasdaq: AEIS) has closed its $400 million acquisition of Artesyn Embedded Technologies Inc.

The Fort Collins-based producer of power supplies said the combined company can produce more than $1.3 billion in revenues.

“Today marks a new chapter for Advanced Energy as we embark on the next phase of our diversification and growth strategy by adding broad sets of markets and industry-leading technologies,” Advanced Energy CEO and president Yuval Wasserman said in a prepared statement. “…The new AE management team, with the addition of Dana Huth who leads the Artesyn Embedded Power business, is well prepared to deliver long-term, profitable and sustainable growth.”

Advanced Energy also secured a $350 million unsecured loan and $150 million in revolving credit from four banks, according to filings with the U.S. Securities and Exchange Commission.

Advanced Energy first announced the deal in May. The sale includes only Artesyn’s Embedded Power business. Its two other businesses in embedded computing and consumer products still belong to private equity firm Platinum Equity LLC.

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