Paris-based electrical distributor Rexel completed the sale of parts of Hagemeyer to Sonepar ahead of schedule, completing the deal June 30. Rexel also sold its German business to Sonepar in exchange for all of Sonepar's activities in Sweden.
Rexel acquired Dutch distributor Hagemeyer NV in March in a $4.7 billion deal that included plans to sell Hagemeyer's North American, Asian-Pacific and selected European businesses to Sonepar within six months of the acquisition.
The completion of the deal allows the businesses to move forward with the creation of action plans to improve business performance and achieve desired synergies, Rexel CEO Jean-Charles Pauze said.
Sonepar told MDM earlier this year that it will likely keep Hagemeyer's North American unit as a standalone operation. It has a different customer base, predominantly, and a different market approach," Tony Burr, Sonepar USA CEO, said in this interview. "The strength of our group is letting people have their way in the market. We've done that with all of our major acquisitions over here. That's why we retain the trading name of the businesses who join us."
Sonepar Group is a family-owned electrical distributor with $15.3 billion in annual sales. The company operates in 29 countries on four continents.
Rexel is a distributor of electrical supplies serving three end markets: industrial, commercial and residential. Sales in 2007 topped €14 billion.