Tuesday July 15, 06:19 PM
Rexel completes sale of Hagemeyer units to Sonepar ahead of schedule
PARIS (Thomson Financial) - Rexel (Paris: FR0010451203 - news) said the sale to Sonepar of non-retained units of Hagemeyer (Amsterdam:
HGO.AS - news) has been completed ahead of the schedule set when Rexel acquired its Dutch rival in March.
The proceeds will reduce Rexel's debt by 1.686 billion euros, more than the projected 1.6 billion. This will be reflected in Rexel's balance sheet as of June 30, the French electrical supplies distributor said.
The businesses sold to Sonepar comprise some Hagemeyer activities in North America, Asia-Pacific (002790.KS - news) , Austria, Sweden and Switzerland, as well as six branches in Germany, Rexel said. In addition, it has sold its German business to Sonepar and has acquired Sonepar's activities in Sweden.
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