SPX Technologies (NYSE: SPXC) has completed the acquisition of Neptronic for total cash consideration of CA$605 million (about US$430 million), subject to customary closing adjustments. The implied enterprise value to EBITDA multiple is described as modestly above SPX’s recently transacted 8–12x range.Neptronic, based in Montreal with about 300 employees, designs and manufactures engineered HVAC solutions, including intelligent controls, electric duct heaters, humidifiers, actuators and valves, and generates approximately US$75 million in annual revenue. The business will join SPX’s HVAC segment, broadening its precision thermal management and controls-enabled HVAC offerings across existing channels and geographies. According to SPX, Neptronic’s technology and products are expected to be leveraged across the broader HVAC portfolio. Management plans to provide updated 2026 guidance incorporating Neptronic on July 30, 2026, alongside SPX’s Q2 2026 results.