RUEIL-MALMAISON, France – Schneider Electric (Euronext: SCHN) this afternoon announced it has completed its acquisition of American Power Conversion Corp.
APC’s common stock (Nasdaq: APCC) is to cease trading on the Nasdaq Global Select Market at the close of the market today.
The terms of the acquisition call for each share of APC common stock to be converted to the right to receive $31 in cash; the deal is valued at $6.1 billion.
The West Kingston-based company, founded in 1981, is a provider of power, cooling and management solutions. With reported sales of $2 billion in 2005, it was a Fortune 1000, Nasdaq 100 and S&P 500 company.
APC will be merging with Schneider’s MGE UPS SYSTEMS division, “bringing together … the industry’s best known brands and the strongest technologies,” said Claude Graff, MGE’s president.
“Together, our focus on the customer and on innovation will be stronger than ever,” said Rob Johnson, APC’s former president and CEO.
Additional information is available at investor.apcc.com.
