Eaton Corp.”™s $12.8 billion deal for Cooper Industries PLC could put Hubbell Inc. in play, according to analysts cited by Bloomberg, with General Electric Co. representing a possible bidder.
Both Macquarie Group Ltd. and JMP Securities aired the possibility of deals involving Shelton-based Hubbell as well as Atlanta-based Acuity Brands Inc., Bloomberg reported.
Speaking at a Florida electrical products conference on Wednesday, GE CEO Jeff Immelt said his company would look at acquisitions valued between $1 billion and $3 billion, according to Bloomberg.
Hubbell shares are currently trading at a market cap of about $4.7 billion. Nearly half of Hubbell shares are owned by trusts, complicating any deal.
“That has been the hurdle in why Hubbell hasn”™t been acquired so far,” Nick Heymann, a New York-based analyst with William Blair & Co., told Bloomberg.
