KEC International to buy SAE Towers for $95 mn

RPG Group company KEC International on Tuesday said that it would acquire US-based SAE Towers Holdings for $95 million.

"KEC International's Board has approved the proposal to acquire US-based SAE Towers Holdings, a limited liability company and its subsidiary companies in Brazil, Mexico and USA," the company informed the Bombay Stock Exchange.

KEC International is likely to acquire the company for a purchase consideration of $95 million, it said.

SAE Towers is engaged in manufacturing and supply of power transmission towers, related hardware, sub-station structures and poles for power transmission.

The transaction is expected to close this month, subject to regulatory approvals and customary closing conditions.