ESCO Technologies Acquires 135-Year-Old Megger for $2.35B, Merges With Doble Engineering

ESCO Technologies, Inc. (NYSE: ESE) has agreed to acquire Megger Group Limited for $2.35 billion, consisting of $900 million in cash and $1.4 billion in ESCO equity. Upon closing, Megger will join ESCO's Utility Solutions Group and merge operations with existing ESCO subsidiary Doble Engineering to form a unified electrical asset management platform. The deal remains subject to regulatory approval and is expected to close within six to nine months.

With roots tracing back to 1889 and headquartered in Dover, U.K., Megger makes portable offline test equipment and field instrumentation for utilities and critical electrical infrastructure, including battery, cable, circuit breaker, relay, transformer, and motor test equipment, as well as online monitoring solutions and data analytics for grid and power assets. The company is projected to generate approximately $590 million in revenue in 2026.

Doble Engineering, also part of ESCO's Utility Solutions Group, specializes in substation testing, condition monitoring, diagnostics, lab analytics, and engineering services. Together, the two companies are expected to give asset owners a single platform spanning the full equipment lifecycle—from factory acceptance testing and periodic maintenance through long-term condition-based monitoring and investment planning.

The timing of this announcement aligns with the growing pressure that's hitting the utility sector as electricity demand is rising through electrification and data center growth. The combined Doble-Megger platform is positioned to address that need directly, consolidating fragmented asset data into a single view to support condition-based maintenance and reduce unplanned outages.

The combined companies are expected to generate approximately $60 million in cost synergies within three years of closing, while expanding ESCO's reach in North America, the U.K., Europe, and Asia.