Anixter to Buy HD Supply's Power Solutions Segment for USD 825m.
MANews-(C)2009-2015
16 July 2015 - US-based electrical and electronic wire and cable distributor Anixter International Inc. (NYSE: AXE) has entered into a definitive agreement to acquire the Power Solutions segment of US-based industrial distributor HD Supply for USD 825m, the company said..
The acquisition, which is the largest in Anixter's history, is expected to be accretive to earnings in the first full year of operation, exclusive of transaction, one-time integration expenses and incremental amortisation of intangible assets.
The acquisition is expected to result in future tax benefits from acquired US intangible assets with a net present value estimated to be approximately USD 70m.
Headquartered in Atlanta, Power Solutions distributes over 200,000 utility, electrical and industrial MRO products to approximately 13,000 customers including investor-owned utilities, public power utilities, electrical contractors and industrial businesses.
Operating from a geographic footprint of approximately 130 branches in 30 US states and four Canadian provinces, Power Solutions reported fiscal 2014 revenue of USD 1.9bn and adjusted EBITDA of USD 79m.
Subject to regulatory approval and certain customary closing conditions, this transaction is expected to close near the end of 3Q15 and will be financed using available cash and additional borrowings.
Anixter...
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