Subsequent Event

12 Months Ended

Aug. 31, 2024

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On October 24, 2024, Acuity Brands Technology Services, Inc., a wholly owned subsidiary of Acuity Brands, Inc. entered into an equity purchase agreement (the “Purchase Agreement”) to acquire QSC, LLC (“QSC”)), a leader in the design, engineering, and manufacturing of audio, video, and control solutions and services.

The terms of the Purchase Agreement reflect a purchase price totaling approximately $1.215 billion, subject to customary purchase price adjustments. We anticipate funding the transaction with cash on hand as well as adding a $600 million term loan under our Revolving Credit Facility.

We currently expect the transaction to close during the second quarter of our fiscal 2025, subject to customary closing conditions set forth in the Purchase Agreement, including, among others: (i) the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (ii) the absence of any governmental order or law prohibiting the transaction; (iii) no “Material Adverse Effect” (as defined in the Purchase Agreement) having occurred since the signing of the Purchase Agreement; and (iv) certain other customary conditions relating to the accuracy of the parties’ representations and warranties in the Purchase Agreement (subject, with specified exceptions, to customary materiality standards) and the performance of their respective obligations under the Purchase Agreement in all material respects.