Additionally, pursuant to the asset purchase agreement, AZZ will make an additional payment of up to $20m to NLI based on the future financial performance of the assets.
The acquisition also includes the assumption of current liabilities plus $4.8m of notes payable, which will be paid at closing.
The acquisition is anticipated to close on 1 June of this year.
The deal is a part of the stated AZZ strategy to expand its offerings in the Electrical and Industrial Products segment.
US-based NLI is a provider of electrical and mechanical equipment and services for enhancing the safety of nuclear facilities.
