Rexel and Hagemeyer Finalize $4.5 Billion Purchase

Rexel and Hagemeyer announced Nov. 23 they have reached agreement on Rexel's offer of about $4.5 billion in cash (4.85 euros per common share) for all Hagemeyer shares and a simultaneous cash offer for Hagemeyer's outstanding convertible bonds. Rexel, an international distributor of electrical equipment, has previously said it will sell Hagemeyer's U.S. and Asia-Pacific operations to another Paris-based bidder, Sonepar.

The purchase has been unanimously recommended by the Management Board and Supervisory Board of Hagemeyer, and unanimously approved by the boards of Rexel and Sonepar, according to the Nov. 23 announcement. Hagemeyer shareholders will receive a premium of 55 percent, based on the price of Hagemeyer's average share price prior to the announcement of Sonepar's offer on Oct. 9.

Completion of the deal requires regulatory approvals, the companies said.

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