Charlotte – Global law firm K&L Gates has advised SPX Technologies (NYSE:SPXC) on its agreement to purchase ASPEQ Heating Group, a leader in electrical heating solutions, from private equity firm Industrial Growth Partners. ASPEQ will become a part of SPX Technologies’ HVAC Heating platform within the company’s electrical heating business.

Under the agreement, SPX Technologies will purchase ASPEQ and certain cash attributes for approximately $418 million in cash. The parties anticipate the closing of the transaction in the second quarter of 2023, subject to customary regulatory approvals.

The K&L Gates team that advised SPX was led by partners Rick Giovannelli and Leah Baucom, with assistance from corporate lawyers Shelby Brooks and Cooper Hawley, employee benefits lawyers Rikki Sapolich-Krol and Sam Beatty, antitrust lawyers Allen Bachman, Ken Knox, and Derek Sutton, environmental lawyers Gail Conenello, Tad Macfarlan, Sam Boden, and Malory Pascarella, real estate lawyers Matt Harris and Johnathan Billings, government contracts lawyers Shelia Armstrong and Tara Hopkins, labor and employment lawyers Leann Walsh and Brittany Raia, and tax lawyer Randy Clark.

Giovannelli remarked: “We are grateful to partner with clients like SPX on strategically important transactions and bring to bear our manufacturing transactional capabilities. 

Based in Charlotte, North Carolina, SPX Technologies is a leading supplier of highly engineered products and technologies, particularly in the HVAC and detection and measurement markets.

K&L Gates’ Corporate practice is one of the most substantial in the legal industry, with more than 500 lawyers in offices on five continents providing clients with practical legal solutions in the structuring, financing, and completion of domestic, international, and cross-border transactions.