Vancouver, B.C.-based Xantrex Technology Inc. has entered into a definitive agreement to be acquired by Schneider Electric for a cash purchase price of C$15 per share. The transaction has an equity value of approximately C$500 million.
Xantrex also announced that it has entered into a definitive agreement for the sale of its programmable power business to AMETEK Inc.
‘The acquisition of Xantrex will give us a unique opportunity to capture growth in the dynamic renewable energy market,’ says Jean-Pascal Tricoire, chairman of the management board and CEO of Schneider Electric. ‘The addition of Xantrex will accelerate our development as a total solutions provider and extend our position as the global specialist in energy management.’
Xantrex expects to hold a special meeting of shareholders in September, at which the transaction with Schneider Electric will be subject to approval by 66.7% of the Xantrex shares voted. The transaction is expected to close before the end of October.
SOURCE: Xantrex Technology Inc.