Schneider Electric to Acquire IGE + XAO for EUR188.4 Million
08 Novembre 2017 - 09:11AM
Dow Jones News
By Nathan Allen
France's Schneider Electric SE (SU.FR) on Wednesday said that it
had signed a memorandum of understanding to buy software developer
IGE + XAO SA (IGE.FR) in a deal valued at around 188.4 million
euros ($218.3 million).
Schneider's subsidiary Schneider Electric Industries SAS will
file a tender offer Wednesday for IGE + XAO to the French market
regulator, the company said in a press release.
The deal is contingent upon Schneider holding at least two
thirds of IGE + XAO's share capital by the end of the offer period.
The proposed acquisition price of EUR132 a share represents a 15%
premium to IGE + XAO's last closing price on Nov. 7, Schneider
said.
IGE + XAO produces design and simulation software for electrical
installations and reported consolidated revenue of EUR29.4 million
and an operational margin of 27% in its last fiscal year, Schneider
said.
The deal is the latest in a string of acquisitions by Schneider
as the electrical-equipment manufacturer seeks to pivot towards
writing the software that drives its products.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
November 08, 2017 02:56 ET (07:56 GMT)
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