Esco Technologies has agreed to acquire TBG’s Megger Group business in a cash‑and‑stock transaction valued at $2.35 billion. The deal will add Megger’s $590 million‑plus annual revenue to Esco’s Utility Solution Group.

Funding comes from $1.4 billion in Esco shares and roughly $900 million in cash, with incremental debt shaping the balance. TBG will retain lock‑up rights and a seat on Esco’s board under the agreement.

The acquisition positions Esco as a dominant player in testing, monitoring, and data solutions for utilities and infrastructure, while giving TBG a valuable exit pathway and continued influence in the combined entity’s strategy.