ESCO Acquires Megger Group for $2.35 Billion

Transformative deal expands ESCO's utility solutions portfolio and global footprint

Apr. 15, 2026 at 9:24pm

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A high-end, photorealistic studio still-life photograph featuring a polished, chrome-plated electrical testing device with sleek, geometric forms floating on a clean, monochromatic background, conceptually representing the advanced technology and data-driven capabilities that ESCO will gain through the Megger acquisition.The acquisition of Megger's advanced electrical testing and monitoring solutions will strengthen ESCO's position as a leading provider of utility infrastructure technology.St. Louis Today

ESCO Technologies Inc. has agreed to acquire Megger Group Limited, a leading global provider of testing, monitoring, and data-driven solutions for utilities and critical electric infrastructure, for $2.35 billion. The transaction will expand ESCO's scale and international reach, further strengthening its position as a valued partner to utilities worldwide.

Why it matters

The acquisition of Megger is a major milestone in ESCO's strategy to build a scaled, differentiated, high-margin utility solutions platform. Megger's complementary product portfolio and global presence will enhance ESCO's ability to deliver comprehensive solutions to regulated electric utility customers as they upgrade and expand grid infrastructure to meet rising electricity demand.

The details

Under the terms of the agreement, ESCO will acquire Megger for $0.9 billion in cash and $1.4 billion in ESCO equity. The cash portion will be funded through existing cash on hand and incremental debt. Megger is expected to have approximately $590 million in revenue in 2026 and the combined company is expected to realize $60 million in cost synergies within the first three years.

  • ESCO announced the agreement to acquire Megger on April 15, 2026.
  • The transaction is expected to close in the coming months, pending regulatory approvals.

The players

ESCO Technologies Inc.

A global provider of highly engineered products and solutions serving diverse end-markets, including filtration, fluid control, advanced composites, and power management solutions.

Megger Group Limited

A leading global provider of testing, monitoring, and data-driven solutions for utilities and critical electric infrastructure, including industrial, transportation, data center and renewable end markets.

TBG AG

The parent company of Megger Group Limited, which has agreed to certain lock-up provisions with respect to its equity ownership in ESCO common stock.

Bryan Sayler

President and Chief Executive Officer of ESCO Technologies.

Jeremy Abson

Chief Executive Officer of TBG.

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What they’re saying

“This transformational transaction will expand our scale and international reach, further strengthening our position as a valued partner to utilities worldwide. The addition of Megger is a major milestone in our strategy to build a scaled, differentiated, high-margin utility solutions platform.”

— Bryan Sayler, President and Chief Executive Officer of ESCO Technologies

“We are incredibly proud of the exceptional platform we have built at Megger and believe ESCO is the ideal partner to accelerate the next stage of growth. We believe in the strategic vision of what the Doble and Megger combination can be in the future and are supportive of ESCO's broader businesses and strategies.”

— Jeremy Abson, Chief Executive Officer of TBG

What’s next

The transaction is expected to close in the coming months, pending regulatory approvals.

The takeaway

The acquisition of Megger Group will significantly expand ESCO's utility solutions portfolio and global footprint, positioning the combined company as a leading partner to utilities worldwide as they invest in upgrading and expanding critical grid infrastructure.