U.K.-based Diploma PLC announced that it has agreed to acquire Windy City Wire (WCW), a U.S.-based manufacturer and distributor of low voltage wire and cable, for approximately $465 million.

Per a report by Reuters, the deal calls for an initial payment of about $450 million, and a later payment of $15 million if conditions are met. Based in Bolingbrook, Illinois, WCW has an additional 18 locations nationwide.

Per a report in proactiveinvestors.co.uk, “WCW, whose management team will stay with the business, enhances Diploma’s existing position in the controls market, ‘with a core product we understand,’ and offers ‘exciting organic growth potential taking market share in structurally attractive end segments.’”