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European Commission Approves Acquisition of Hagemeyer
February 22, 2008
The European Commission has authorized Rexel's proposed acquisition of Hagemeyer's European assets, finalizing antitrust approvals sought by both Rexel and Sonepar in their acquisition of Hagemeyer.
The commission is requiring Rexel divest Hagemeyer's electrical wholesale business in Ireland, representing €40 million in sales.
In November 2007, Rexel and Hagemeyer reached an agreement for Rexel to buy the Dutch electrical distributor for roughly US$4.5 billion. Rexel will then sell Hagemeyer's North American, Asian-Pacific and selected European businesses to Sonepar.
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.