An $825 million deal between Power Solutions and Anixter International Inc. was recently completed, company officials announced.
“Power Solutions is a compelling strategic acquisition for Anixter, significantly enhancing our competitive position in the electrical wire and cable business and further strengthening our customer and supplier value proposition,” Anixter CEO and President Bob Eck said. “In addition to transforming our existing utility business into a leading North American distributor to the utility sector, this acquisition will enable us to provide a full-line electrical solution to our existing customers and will provide us with broader access to the mid-size electrical construction market.”
This is the largest acquisition for Anixter’s history, which is expected to be accretive to earnings by 55 to 65 cents in the first full year of operation, exclusive of transaction and one-time integration expenses.
Power Solutions President John Tisera said the deal allows it to offer broader services to customers.
“We are excited to have access to Anixter’s broad portfolio of products, services and technical expertise which will allow us to further expand our customer offerings,” he said. “The strategic rationale of this combination is strengthened by our shared culture of partnering with both our customers and world-class suppliers to bring value to their businesses.”
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