CUI Global Inc. and Bel Fuse Inc. have entered into an asset purchase agreement under which CUI Global will sell the majority of the CUI Power Business to Bel for $32 million, plus the assumption of certain liabilities and subject to closing working capital adjustments. The CUI Power Business is a division within CUI Global’s Power and Electromechanical (P&EM) segment.
Excluded from the agreement is CUI Global’s approximately 20-percent equity interest in Virtual Power Systems (VPS) related to the Intelligent Control of Energy® product line for data centers based on VPS’ proprietary Software Defined Power® infrastructure.
Jim O’Neil, CEO of CUI Global, stated, “This transaction unlocks the substantial value in our P&EM segment and is an important step in our transformation into a diversified energy services platform that is grounded in our existing product portfolio and gas infrastructure capabilities.”
For more information, visit www.cuiglobal.com or www.belfuse.com.