Hubbell to Buy NSI Industries in $3 Billion Cash Deal
The acquisition bolsters Hubbell’s Electrical Solutions portfolio with complementary products for industrial, datacenter and network infrastructure markets.
**Hubbell Incorporated (HUBB) agreed to acquire NSI Industries**, a leading provider of electrical fittings, connectors, components and wire management products, for $3.0 billion in cash, subject to customary adjustments. The transaction marks Hubbell’s largest acquisition to date and underscores its strategy to expand critical infrastructure solutions amid electrification megatrends.
The purchase price represents approximately 15.5 times NSI’s anticipated 2026 EBITDA, reflecting the target’s growth profile in higher-margin segments. Hubbell plans to finance the deal with a combination of cash on hand and debt, securing fully committed bridge financing from JPMorgan Chase Bank, Bank of America, and HSBC Bank USA. The transaction is expected to close in mid-2026, pending regulatory approvals and other customary closing conditions.
Hubbell framed the acquisition as a strategic fit for its Electrical Solutions portfolio, citing NSI’s complementary product lines and strong organic growth in light industrial, datacenter and network infrastructure applications. "As electrification megatrends drive attractive growth across the electrical industry over the next several years, NSI offers highly complementary products and industry-leading brands," said Gerben Bakker, Hubbell’s Chairman, President and CEO. The company expects the deal to be accretive to adjusted earnings per share in 2026 and to enhance operating margins for its Electrical Solutions segment.
NSI Industries, a portfolio company of Sentinel Capital Partners, anticipates 2026 revenue of approximately $570 million. The business serves industrial, infrastructure and commercial end markets, aligning with Hubbell’s focus on critical infrastructure solutions. Mark Mikes, President of Hubbell Electrical Solutions, noted that NSI’s operating margins are expected to be accretive to the segment and that the acquisition will support Hubbell’s segment unification strategy, including cross-selling and manufacturing efficiencies.
The deal follows Hubbell’s recent bolt-on acquisitions, including the 2025 purchase of DMC Power, a designer and manufacturer of connector technology systems for high-voltage power infrastructure. Like NSI, DMC Power was integrated into Hubbell’s Electrical Solutions portfolio and financed through debt and cash on hand. The pattern reflects Hubbell’s disciplined approach to M&A, targeting businesses with strong growth profiles and synergies with its existing operations.
Regulatory approvals, including under the Hart-Scott-Rodino Act, remain a key condition for closing. Hubbell has not disclosed specific synergy targets but emphasized the deal’s alignment with its long-term growth strategy and capital allocation priorities. The company also highlighted the transaction’s potential to drive organic growth and margin expansion across its Electrical Solutions segment.