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Anixter International Inc. (NYSE: AXE), Glenview, Illinois, has agreed to be acquired by an affiliate of Clayton, Dubilier & Rice. The transaction has been valued at $3.8 billion and will result in Anixter becoming a private company. The deal is expected to close by the end of the first quarter of 2020.
“We believe this transaction is in the best interest of Anixter and our stockholders,” said Bill Galvin, Anixter’s President and CEO. “After careful and thorough analysis, together with our independent advisors, our Board of Directors unanimously approved this transaction with CD&R, which has a strong reputation and a track record of success in helping industrial distributors, like Anixter, prosper and grow.”
Anixter also reported third-quarter sales of $2.2 billion, up 2% compared to the third quarter of 2018. Organic sales grew 2.6%. Net income increased 25% to $59.3 million, the company said.
Sales for the first nine months increased 5% to $6.6 billion. Net income increased 41% to $4.7 billion.