Gryphon Investors To Sell Shermco To Blackstone In $1.6 Bln Deal

(RTTNews) - Gryphon Investors announced it has reached a definitive agreement to sell Shermco, a provider of electrical testing, engineering, maintenance, and repair services, to Blackstone (BX) in a transaction valued at about $1.6 billion.

Headquartered in Irving, Texas, Shermco operates across the U.S. and Canada with more than 600 NETA-certified technicians and 200 engineers at 40 service centers.

The company delivers critical services for data centers, utilities, and industrial customers, focusing on improving safety, reliability, and efficiency of electrical infrastructure.

BX is currently trading at $164.35, down $0.12 or 0.08 percent on the New York Stock Exchange.