On August 1, 2024, nVent Electric plc (NYSE: NVT) announced a definitive agreement to sell its Thermal Management business, including the RAYCHEM and TRACER brands, to funds managed by Brookfield Asset Management for $1.7 billion USD (approximately $2.3 billion CAD), subject to customary closing adjustments. Thermal Management, with 2023 sales of $595 million USD (approximately $805 million CAD) and around 1,700 employees, was a leader in electrical thermal solutions. The sale aimed to enhance Thermal Management's growth across its verticals and support the energy transition.

nVent Chair and CEO Beth Wozniak highlighted that this divestiture aligned with nVent's strategy to focus on becoming a higher growth electrical connection and protection leader, capitalizing on trends in electrification, sustainability, and digitalization. nVent anticipated net after-tax proceeds of approximately $1.4 billion USD (approximately $1.9 billion CAD) from the transaction, earmarked for acquisitions and share repurchases. The transaction was expected to close by early 2025, pending regulatory approvals and customary conditions.

Goldman Sachs & Co. LLC served as the financial advisor, and Foley & Lardner LLP provided legal counsel to nVent for this transaction. Simpson Thacher & Bartlett LLP represented the funds affiliated to Brookfield Asset Management.

nVent operated in Canada, offering electrical connection and protection solutions across various industries. Brookfield Asset Management, headquartered in Toronto, Ontario, was a leading global alternative asset manager with significant operations in Canada, managing assets in real estate, infrastructure, renewable power, and private equity.