United States. AAON announced that it has entered into a member share purchase agreement to acquire 100% of the shares of BasX, a specialist in the manufacture of high-efficiency data center cooling solutions, cleanroom systems, custom HVAC systems and modular solutions.
The terms of the transaction require an upfront payment of $100 million, subject to customary adjustments. Additional payments valued at up to $80 million are subject to earnings milestones extending through 2023. As a condition of closing, AAON will also enter into a real estate purchase agreement with BasX Properties, LLC, an affiliate of BasX, to acquire the real estate and improvements used 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, loans under its revolving line of credit and equity.
BasX specializes in the design, engineering and manufacture of customized, energy-efficient cooling solutions for the rapidly growing hyperscale data center market. BasX also designs and manufactures customized solutions for cleanroom environments for the biopharmaceutical, semiconductor, medical and agricultural markets, as well as customized and energy-efficient modular and air treatment solutions for a wide range of markets. BasX, headquartered in Redmond, Oregon, operates a manufacturing footprint of 200,000 square feet. In 2021, BasX is expected to earn revenue of approximately $70 million.
* Pictured: Matt Tobolski PhD, SE, President & Co-Founder, and Dave Benson, CEO & Co-Founder.
