AZZ Announces Avail Infrastructure Solutions Has Entered Into A Definitive Agreement To Sell The Electrical Enclosures, Switchgear, And Bus Systems Businesses Of Avail To NVent Electric, For A Purchase Price Of $975M; Azz Will Continue To Own A 40% Interest In Avail, Which Will Consist Of Avail's Industrial Lighting And Welding Solutions Businesses, And These Will Represent ~30% Of Pre-Transaction Group Revenue

AZZ Inc. ("AZZ" or the "Company") (NYSE:AZZ) announced today that Avail Infrastructure Solutions ("AVAIL" or "AIS") has entered into a definitive agreement to sell the electrical enclosures, switchgear, and bus systems businesses (the "Electrical Products Group") of AVAIL to nVent Electric plc (NYSE:NVT) ("nVent"), for a purchase price of $975 million, subject to customary adjustments. The effective enterprise value multiple is approximately 12.5 times the anticipated Electrical Products Group trailing twelve-month EBITDA. AZZ has a non-controlling 40% interest and Fernweh Group LLC a 60% interest in AVAIL through a joint venture that was entered into in 2022. The transaction is expected to close in the first half of calendar year 2025, subject to customary closing conditions.

Following the sale, AZZ will continue to own a 40% interest in AVAIL, which will consist of AVAIL's Industrial Lighting and Welding Solutions Businesses, and these will represent approximately 30% of pre-transaction group revenue.