SPX Corporation (“SPX”) announced that it has entered into a definitive agreement to purchase CUES, Inc. (“CUES”) a leading manufacturer of pipeline inspection and rehabilitation equipment, headquartered in Orlando, Florida.
Under the agreement, a subsidiary of SPX will be merged with CUES’ parent company, ELXSI Corporation (“ELXSI”). 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.
ELXSI’s 2017 annual net sales were approximately $90 million, and following completion of the transaction, ELXSI’s results will be reported with SPX’s Radiodetection business within its Detection & Measurement segment.
EC M&A acted as exclusive financial advisor to SPX on this transaction.