Bel Fuse Shares Hit Record High on Enercon Acquisition

Dow Jones09-19

By Dean Seal

Shares of Bel Fuse reached new all-time highs after the company agreed to acquire a majority stake in Enercon Technologies for $320 million.

The company's Class B shares jumped more than 11% to a record high of $77.50 in early trading, while Class A shares rose 5.6% to a record high of $96.04.

The maker of electronic components said Wednesday night that it would acquire an 80% stake in the company for $320 million, plus up to $10 million in potential earnout payments between 2025 and 2026.

Bel Fuse said it also intends to purchase the remaining 20% by early 2027, based on the company's future earnings performance.

The deal broadens Bel Fuse's exposure to the aerospace and defense end market and should boost its earnings within a year after the transaction closes, which is expected to happen by the end of the year pending regulatory approval.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

September 19, 2024 11:18 ET (15:18 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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