Our team in Finland, with lead partner Maria Carlsson, acted as the legal counsel for SPX Corporation as it purchased Sabik Group e.g. in Finland, Estonia and UK as well as certain related operating and intellectual property assets from the Canadian Carmanah Technology Corporation for a cash consideration of approximately $77 million.
SPX Corporation is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC, detection and measurement, and engineered solutions markets. Based in Charlotte, North Carolina, SPX Corporation had approximately $1.4 billion in annual revenue in 2017 and more than 5,000 employees in about 14 countries. Carmanah Technology Corporation designs, develops and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure.