Acuity Brands Buys Energy Management Firm for $249M
Acuity Brands, known for its solid-state lighting portfolio and control technologies, entered into a $249 million agreement to acquire all of the outstanding capital stock of Distech Controls, a provider of building automation and energy management systems.
Distech Controls is headquartered in Quebec, Canada. Its technology allows for the integration of lighting, HVAC, access control, closed circuit television and related systems.
Atlanta-based Acuity Brands says its acquisition of Distech Controls is logical given the convergence of intelligent lighting and building systems to form a platform for the Internet of Things within commercial, industrial and institutional buildings. The technologies resident in lighting, temperature, ventilation, access control and fire safety systems are converging into a single digital ecosystem, says Acuity Brands.
The acquisition is subject to formal approval of certain shareholders of Distech Controls and other customary closing conditions both of which are expected to be achieved within the following four to eight weeks.
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