WEST KINGSTON – American Power Conversion Corp. today announced that its pending acquisition by France-based Schneider Electric has been approved by the European Commission.
The companies have received final E.C. clearance, “subject to certain commitments,” for Schneider to acquire all outstanding APC shares for $31 per share, APC said.
The acquisition was approved by APC shareholders at a special meeting Jan. 16. Schneider Electric and APC now expect the deal, valued at $6.1 billion, to close within the next two weeks.
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To meet E.C. requirements, Schneider plans to divest itself of its MGE UPS Systems operations in small systems (less than 10kVA), which represents about 6 percent of APC and MGE’s combined business in critical power systems.
American Power Conversion (Nasdaq: APCC), founded in 1981, is a global provider of power, cooling, and management solutions. Additional information is available at investor.apcc.com.
