French Firm Acquires American Power Conversion For $6.1B
By Staff -- TWICE, 11/6/2006
West Kingston, R.I. — American Power Conversion (APC) has agreed to be acquired by Paris-based Schneider Electric, a leading European provider of uninterruptible power supply products.
Schneider will acquire all outstanding shares of APC for $31 per share in cash, a 30 percent premium over the stock's closing price on Oct. 27, the last trading day before the deal was announced.
The combination of the two businesses will create "an industry leading business for both single-phase and three-phase uninterruptible power supply (UPS) systems as well as the preeminent provider of integrated systems for IT and data center applications," according to an APC release.
The transaction is expected to close in the first quarter of 2007, subject to approval by APC shareholders and other customary conditions. APC shareholders are expected to vote on the transaction in early 2007. Approval from Schneider Electric's shareholders is not required.
Rob Johnson, APC's president/CEO, said: "Both companies have a dedication to innovation and customer service that make our combined enterprise an even stronger, more competitive player in the industry."
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