Legrand SA (LR.PA), a specialist in electrical and digital building infrastructures, on Friday announced that it has signed a definitive agreement to acquire a controlling stake in Cogelec SA (ALLEC.PA) through the purchase of all shares in Cogelec Développement.
Legrand France is a subsidiary of Legrand, will acquire the shares from Cogelec group managers and Raise Investissement. Cogelec Développement indirectly holds 5,347,065 Cogelec shares, representing 60.09% of the company's share capital and 78.39% of voting rights.
The transaction is based on a price of 29 euros per share, ex-2024 dividend. If the acquisition is completed, Legrand intends to launch a mandatory simplified tender offer to purchase the remaining Cogelec shares at 29 euros per share.
The agreement follows the execution of a put option and exclusivity undertaking on July 9 and the completion of the required employee consultation process.
Cogelec's social and economic committee unanimously approved the proposed transaction on July 16.
On Thursday, Cogelec closed trading 0.35% higher at EUR 29 on the Paris Stock Exchange.
On Thursday, Legrand closed trading 1.80% higher at EUR 129.95 on the Paris Stock Exchange.
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