WESCO International Inc. (NYSE: WCC), Pittsburgh, Pennsylvania, on Tuesday announced it has sold its legacy WESCO utility business in Canada to Rexel Canada, a wholly owned subsidiary of France’s Rexel Group. Financial terms of the deal weren’t disclosed.
According to WESCO, the transaction “partially fulfills WESCO’s commitment to divest its legacy Canadian Utility and Datacom businesses in connection with its Consent Agreement with the Canadian Competition Bureau related to WESCO’s merger with Anixter International, which closed on June 22, 2020.” WESCO added that proceeds from the sale will be used to repay debt.
“We are pleased to complete this transaction with Rexel, which satisfies one of the conditions of our agreement with the Canadian Competition Bureau,” said John Engel, chairman, president and CEO of WESCO. “This transaction is a highly successful outcome for WESCO. We will support our associates as they transition to Rexel, and we wish them continued success. WESCO is committed to continuing to serve utility customers in Canada, through the legacy business we acquired with Anixter. I look forward to providing further details about this divestiture, as well as the continued integration of WESCO and Anixter, during our fourth quarter earnings call next week.”