West Kingston, R.I.–Schneider Electric has completed the acquisition of American Power Conversion Corporation following satisfaction of the closing conditions of the merger agreement.
Under the terms of the acquisition, each share of APC common stock is converted to the right to receive US$31.00 in cash. The total amount to be paid in cash to APC shareholders represents approximately US$6.1billion in exchange for all outstanding shares of APC.
“The combination of APC and MGE will generate value for our customers through a large choice of tailored solutions, a global services network and expanded technical expertise. It will also enhance value creation for our shareholders by leveraging the complementary characteristics of both companies and extracting synergies,” noted Jean-Pascal Tricoire, president and CEO of Schneider Electric. “We are now ready to greatly strengthen Schneider Electric in the fast growing segment of critical power and cooling services and we are extremely confident in the combined talents of the APC and MGE people to achieve this.”
“The APC team is excited to join with Schneider Electric and MGE UPS SYSTEMS. Together, our focus on the customer and on innovation will be stronger than ever as we partner with our worldwide customers to help them solve unprecedented powering and cooling challenges,” said Rob Johnson, former president and CEO of APC.
“APC and MGE within Schneider Electric is a powerful combination, offering our customers the largest choice of solutions and services, bringing together the broadest service organization, the industry’s best known brands and the strongest technologies,” said Claude Graff, president of MGE UPS SYSTEMS.