It’s official! Wesco is acquiring Anixter in $4.5-billion deal
“The transformational combination of Wesco and Anixter will create a premier electrical and data communications distribution and supply chain services company.”
By Anthony Capkun
After some back-and-forth, the boards of Wesco International Inc. and Anixter International Inc. have unanimously approved a definitive merger agreement, under which Wesco will acquire Anixter in a transaction valued at about US$4.5 billion.
Anixter’s prior agreement to be acquired by Clayton, Dubilier & Rice LLC (CD&R) has been terminated, following CD&R’s waiver of its matching rights under the agreement.
“The transformational combination of Wesco and Anixter will create a premier electrical and data communications distribution and supply chain services company,” said John J. Engel, Wesco chair, president and CEO, adding, “we will be ideally positioned to digitize our business, expand our extensive services portfolio and supply chain offerings, and deliver solutions to our customers whenever and wherever they need them around the globe.”
Bill Galvin, Anixter’s president and CEO, says this merger is “also a recognition of the enormous value created by our talented people, Anixter’s deep industry relationships, innovative technology solutions, and global reach.”
The transaction is subject to Anixter stockholder approval, receipt of regulatory approval in the United States and Canada (and certain other foreign jurisdictions), as well as other customary closing conditions. Wesco and Anixter anticipate completing the transaction during the second or third quarter of 2020.
Wesco is a provider of electrical, industrial and communications MRO and OEM products, construction materials, and supply chain management and logistics services. Anixter is a distributor of network & security solutions, electrical & electronic solutions, and utility power solutions.