Hubbell to acquire DMC Power for $825M in cash

Hubbell (HUBB) entered into a definitive agreement to acquire DMC Power, a portfolio company of Golden Gate Capital and a provider of connectors and tooling for utility substation and transmission markets, for $825M in cash, subject to customary adjustments. DMC Power is a designer and manufacturer of connector technology systems for high voltage power infrastructure with over 350 employees and two manufacturing facilities in Carson, CA and Olive Branch, MS, along with multiple distribution facilities located across North America. DMC Power anticipates 2026 revenue of approximately $130M and EBITDA of approximately $60M. The transaction is anticipated to close by the end of 2025, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals. Hubbell plans to finance the transaction with a combination of cash on hand and debt. The company expects the acquisition to be accretive to adjusted EPS in 2026.