Schneider Electric Wraps Up APC Acquisition3:28 PM EST Wed. Feb. 14, 2007
Schneider Electric said Wednesday it has completed its $6.1 billion acquisition of power supply and data center management vendor American Power Conversion.
Plans call for APC, West Kingston, R.I., to be merged with Schneider's MGE UPS Systems Unit. APC executives have said Schneider will keep the APC brand and continue to engage the channel.
Last week, France-based Schneider said it had gained approval to close the APC deal from the European Commission. At the time, they said the acquisition would take no more than two weeks to complete. They then announced the finalization of the merger on Valentine's Day.
The companies said APC shares, which Schneider bought for $31 in cash each, will halt trading on the Nasdaq Global Select Market at the end of business on Wednesday.