Aaon announces acquisition of basx solutions

Tulsa, okla., nov. 18, 2021 (globe newswire) -- aaon, inc. (nasdaq: aaon) (“aaon” or the “company”), a leader in innovation and production of premium quality, highly energy efficient hvac products for nonresidential buildings, today announced it has entered into a membership interest purchase agreement to acquire 100% of the equity interests of basx, llc, dba basx solutions (“basx”), a leader in the manufacturing of high efficiency data center cooling solutions, cleanroom systems, custom hvac systems and modular solutions. the transaction terms require an upfront payment of $100 million, subject to customary adjustments. additional payments valued at up to $80 million are subject to earn-out milestones that extend through 2023. as a condition to closing, aaon will also sign a real estate purchase agreement with basx properties, llc, an affiliate of basx, to acquire the real property and improvements utilized by basx for an additional $22 million, subject to customary closing conditions and adjustments. aaon plans to fund the transactions through a combination of cash, borrowings under its revolving credit facility and equity.
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