Everett-based Fortive Corp. announced this week that it has entered into a definitive agreement to acquire Germany’s EA Elektro-Automatik Holding GmbH, which supplies high-power electronic test solutions for energy storage, mobility, hydrogen, and renewable energy applications, for $1.45 billion in cash, net of $215 million of tax benefits from EA’s parent company, Bregal Unternehmerkapital.

The acquisition by Fortive — which employs more than 18,000 research and development, manufacturing, sales, distribution, service, and administrative employees in more than 50 countries around the world — is subject to closing conditions and regulatory approvals and is expected to close in early first quarter of 2024, according to a news release. Fortive expects to finance the acquisition with available cash and debt financing.

Fortive provides essential technologies for connected workflow solutions across a range of end-markets. Its strategic segments — intelligent operating solutions, precision technologies, and advanced health care solutions — include well-known brands with leading positions in their markets. Fortive’s businesses design, develop, manufacture, and service professional and engineered products, software, and services, building on leading brand names, innovative technologies, and significant market positions, according to the company.

Headquartered in Viersen, Germany, EA develops and manufactures programmable power supplies, electronic loads, and bidirectional power supplies used to test electronic components across various industrial and R&D applications, according to a separate release from Bregal Unternehmerkapital, or BU. With more than 400 employees, EA is a provider of technically advanced electronic test and measurement equipment, specializing in the high-power segment of the market that serves growing end markets including e-mobility, energy storage, renewable energy, and hydrogen, the release said.

In Fortive’s release, James A. Lico, president and CEO of Fortive, said EA Elektro-Automatik would enhance Fortive’s leading position in electronic test and measurement to enable the global energy transition.

“This acquisition will further position Fortive in multi-decade, multi-industry, high growth markets, leveraging Tektronix’s global franchise and the power of the Fortive Business System to create unparalleled value for customers and shareholders,” he added.

Tektronix is one of the brands in Fortive’s precision technologies segment. Other products and services in the segment are marketed under brands that include Anderson-Negele, Gems, Setra, Hengstler-Dynapar, Qualitrol, Pacific Scientific, and Keithley, according to the company’s 2022 annual report.

Products and services within the intelligent operating solutions segment are marketed under brands that include Accruent, Fluke, Gordian, Industrial Scientific, Intelex, Pruftechnik, and Servicechannel, the annual report said.

Products and services in the company’s advanced health care solutions segment are marketed under brands that include ASP, Censis, Censitrac, Evotech, Fluke Biomedical, Invetech, Landauer, Provation, Raysafe, and Sterrad, the report added.

Markus Schyboll, managing director of EA, said in the BU release, “We are very pleased to join forces with Fortive — together we will continue to accelerate our growth and expand our international reach even further. We want to continue to be our customers’ partner of choice when it comes to electrification and achieving carbon neutrality in our world.”

Fortive this week also announced third-quarter net earnings of $218 million on revenues of $1.49 billion.

In a statement, Lico said the results reflected the durability of Fortive’s portfolio.

“We saw core growth in all segments and our teams drove substantial improvement in margins, earnings, and free cash flow,” he said. “Our strategy is delivering results, reflecting the strength of our brands and their leading positions across our customers’ critical connected workflows, reinforcing confidence in our full-year outlook and ability to compound earnings and cash flow to create sustainable, long-term value.”

For the full year 2023, Fortive anticipates revenue of about $6 billion to $6.1 billion.