Rexel's offer for competitor Hagemeyer NV has gone through. Rexel had offered to pay nearly $4.7 billion (at current exchange rates) for the Dutch electrical distributor.
Jean-Charles Pauze, chairman of Rexel's management board, said: The success of our offer for Hagemeyer underscores the strategic merits of the transaction, which marks a step change in the distribution of electrical supplies worldwide and reinforces Rexel's leading market positions in Europe. We are greatly looking forward to moving on to the next stage, working with Hagemeyer's teams and building on a stronger platform to accelerate profitable growth."
Sonepar has agreed to buy some of Hagemeyer's assets from Rexel, including those in the U.S. Sonepar CEO Marie-Christine Coisne said the transaction would be the family-owned company's most important in its history. "Hagemeyer's operations, which we will acquire, will significantly boost our international expansion. We are looking forward to welcoming Hagemeyer's associates in the various countries that will join the group and are confident in the strong role they will play in establishing Sonepar's leadership positions further across the world."
Rudi De Becker, chairman of Hagemeyer's Management Board, said: "This transaction will open new attractive development opportunities for Hagemeyer's activities and associates as members of leading groups."