The 2020 Mid-Year Economic Update_long

Day: November 26, 2007

Rexel, Hagemeyer Reach Agreement for Sale

Rexel and Hagemeyer have reached an agreement on Rexel's all-cash offer of & euro; 4.85 for Hagemeyer's assets, valuing the company at & euro; 3.1 billion (US$4.5 billion).
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The offer was approved by the boards of Rexel, Sonepar and Hagemeyer.
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Rexel has secured committed debt financing.
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As previously announced, Rexel has agreed to sell Hagemeyer's North American, Asian-Pacific and selected European businesses to Sonepar after completion of the sale.
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The overall transaction will combine the strengths of three major players in the distribution of electrical supplies. The transaction will broaden Rexel's footprint across Europe, while significantly consolidating Sonepar's positions in North America and Asia-Pacific.
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Philips to Buy Genlyte for $2.7B

Philips Holding USA Inc., a subsidiary of Royal Philips Electronics, has agreed to acquire Genlyte Group Inc., a manufacturer of lighting fixtures, controls, and related products for the commercial, industrial and residential markets, for $2.7 billion in cash.

The acquisition allows Philips to expand in the green-lighting business in North America and to introduce Genlyte's products to the international market. About 90% of Genly'tes 2006 revenues were in commercial and industrial applications in 2006. The rest are focused on high-end residential applications.

Genlyte sells to distributors and electrical wholesalers. The company's products are also promoted through architects, engineers, contractors, and building owners.

Besides growing our ...