Rexel (RXLSF.PK) said it has agreed to acquire Platt Electric Supply.
This acquisition represents an investment of about 300 million euros (enterprise value) for Rexel and will accretive by the end of 2013.
The transaction, subject to customary conditions, should close in early July and Platt Electric Supply's operations should be consolidated from July, 2012.
Following this acquisition, Rexel's market share in this region, which is expected to grow at a faster rate than the overall U.S. market, will exceed 10%.
Further, Jeff Baker, President of Platt Electric Supply, will become President and CEO of Platt Electric Supply and will become Vice-President of Rexel Inc. He will assume an enhanced leadership role on several key initiatives for the broader Rexel business in the U.S.
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