Rexel Buys Hagemeyer for $4.6 Billion
Friday November 23, 7:29 am ET
Rexel Buys Hagemeyer for $4.6 Billion and Will Sell US, Asian Operations
AMSTERDAM, Netherlands (AP) -- France's Rexel SA will buy electronics distribution company Hagemeyer NV for about $4.6 billion, the company said Friday.
The 4.85 euros ($7.13) per share offer was a premium of more than 50 percent to its share price when it first became an acquisition target in October, the Naarden-based company said.
Rexel intends to sell selected Hagemeyer operations in the U.S. and Asia to a rival French company, Sonepar SA, once the deal is closed, and retain European operations.
The deal must be approved by shareholders and regulators, with Rexel's formal tender offer to begin in December, Hagemeyer said.
THE ASSOCIATED PRESS
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