India, Sept. 10 -- Vertiv Corporation has signed an agreement to acquire Utility Innovation Holdings for about USD 1.45 billion in cash. According to the company, the transaction includes additional cash consideration of up to USD 1.15 billion, subject to Utility achieving specified earnings before interest, taxes, depreciation, and amortisation (EBITDA) targets over 12- and 24-month periods.

Vertiv Corporation is a wholly owned subsidiary of Vertiv Holdings, while Utility Innovation Holdings operates as UtilityInnovation Group (UIG), which provides microgrid systems, power controls, and behind-the-meter power architecture for data centres.

At the initial purchase price of about USD 1.45 billion, the transaction values UIG at about 13 t...