Madison Air Solutions said it has agreed to acquire Germany-based ebm-papst for an enterprise purchase price of $5.4 billion, or $5.0 billion after expected future tax savings, in a deal aimed at broadening its airflow technology portfolio and extending its reach beyond North America. The transaction values ebm-papst at 14.6 times projected 2026 adjusted EBITDA, falling to about 10 times when estimated three-year annualized cost synergies of $160 million are included. Madison Air said the acquisition adds more than 1,200 patents and strengthens its position in electronically commutated fan and motor systems, a business with more than 250 million fans installed worldwide and broad exposure to data center cooling, cleanrooms, HVAC and industrial processes. Madison Air, which said 95% of its revenue currently comes from North America and reported 2025 revenue of $3.5 billion, expects the acquisition to accelerate its expansion into Europe and Asia and add about $30 billion to its addressable market. ebm-papst is projected to generate about $2.8 billion of revenue and about $343 million of adjusted EBITDA in 2026, while reporting revenue of 2.24 billion euros for fiscal 2025/26. The buyer expects the deal to be accretive to adjusted earnings per share in the first full year after closing. Funding will come from cash on hand, debt and equity financing, with fully underwritten debt commitment letters from UniCredit and Wells Fargo and no financing condition attached to the transaction. Madison Air expects pro forma net leverage below 4.0x at closing and targets roughly 2.5x within two years. The deal remains subject to merger control, foreign investment and EU Foreign Subsidies Regulation approvals, with closing expected around the end of 2026.