Moody’s: Johnson Electric unaffected

Moody's Investors Service said that Johnson Electric Holdings Ltd.’s Baa1 issuer rating and stable outlook will not be immediately impacted by its proposed acquisition of AML Developpement (unrated).

On Feb. 5, Johnson Electric announced that it entered into a put option agreement with the shareholders of AML.

Subject to the sellers' exercising of their put option, Johnson Electric will execute the share purchase agreement to acquire the entire share capital of AML.

The total consideration payable will amount to an estimated €65 million ($72.4 million), payable in cash at completion, and will be financed from Johnson Electric's internal cash reserve and available credit facilities.

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