nVent Electric plc

There have been no material changes from the risk factors previously disclosed in our 2023 Annual Report on Form 10-K for the year ended December 31, 2023, except for the additional risk factor relating to the sale of the Thermal Management business set forth below.

We may not complete the sale of our Thermal Management business in the time frame or on the terms we anticipate.

On July 31, 2024, we entered into an agreement to sell our Thermal Management business to BCP Acquisitions LLC, an affiliate of funds managed by Brookfield Asset Management, for a purchase price of $1.7 billion in cash, subject to certain customary purchase price adjustments. We expect the sale of the Thermal Management business will be completed by early 2025, subject to customary closing conditions, including regulatory approval. The completion of the sale of the Thermal Management business is subject to a number of risks and uncertainties, including the satisfaction of the conditions to the completion of the sale, the parties to the transactions obtaining the necessary regulatory approvals, the occurrence of any event, change or other circumstance that could give rise to the termination of the sale agreement and our ability to obtain the expected proceeds from the sale. These and other factors could impair our ability to complete the sale of the Thermal Management business in the time frame and on the terms we anticipate, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.